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Acting CEO drew more than Raju & entire Satyam board together

Acting CEO drew more than Raju & entire Satyam board together
PTI
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First Published: Sun, Jan 11 2009. 03 44 PM IST
Updated: Sun, Jan 11 2009. 03 44 PM IST
New Delhi: A prime prospect for probe by regulators and authorities investigating the Satyam fraud, acting-CEO Ram Mynampati appears to be the IT company’s most valued asset and drew a salary more than that of founder Ramalinga Raju and all the directors put together.
At the same time, its indendent directors, many of whom have quit Satyam board after the Maytas fiasco on 16 December, got at least Rs one lakh a month as commission and sitting fees.
Mynampati, who is now being questioned by the team of market regulator SEBI, got a total package of over Rs3.5 crore during the year ended March 2008, while founder and Chairman had to contend with just about one fifth.
A perusal of company documents reveals all the directors, except Mynampati, got a total of Rs2.6 crore as salary, commissions, sitting fees, professional fees and other receivables.
What is surprising is the difference between the package of Mynampati and all the others put together is about Rs one crore, almost the same that the second best package that was given to independent Satyam Director Krisha G Palepu.
After Mynampati and Palepu, the package for Ramalinga Raju totals Rs60.4 lakh, followed by his brother Rama Raju at Rs44.07 lakh. The company paid a total of Rs1.56 crores to its seven non-executive directors.
Other than V P Rama Rao, who was on the Satyam Board for just about a month, independent directors got between Rs12 lakh to Rs13.2 lakh a year. Harvard Business School professor Palepu bucked the trend and got Rs91.91 lakh for 2007-08, which includes a professional fees of Rs79.51 lakh.
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First Published: Sun, Jan 11 2009. 03 44 PM IST