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India

India

Suzlon boss takes 74% pay cut

INDIA: Suzlon chairman Tulsi Tanti has taken a pay cut of $248,006 in light of the company's poor financial performance.

Pay cut.... Suzlon CEO Tulsi Tanti
Pay cut.... Suzlon CEO Tulsi Tanti

According to Suzlon’s annual report, Tanti’s salary as of July 2011 was $334,884 (INR 1.85 cr).

However, with the company posting a loss $86 million for the financial year ending March 31 2012  - largely due to the high cost of maintaining the company’s debt - the annual report confirms that Tanti’s salary has been cut by 74% to just $86,879 (INR 48 Lakh).

The Suzlon boss’s brother Vinod Tanti, who was an executive director at the turbine manufacturer until his recent appointment as COO of Repower, took a similarly large pay cut.

His salary as of July 2011 was $200,826 (INR 1.1 cr), but this has also been reduced to $86,879 (INR 48 Lakh).

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