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The shareholders of Bharti Airtel have approved the re-appointment of Gopal Vittal as managing director of the company. Vittal will remain the MD of Airtel for a period of five years with effect from February 1, 2023. The telco said that more than 97% of total votes polled were in favour of the resolution

In a regulatory filing on the outcome of its Annual General Meeting (AGM), Bharti Airtel said that the shareholders also approved a special resolution related to payment of remuneration to Vittal as managing director and CEO of the company, with 89.57% votes in favour and 10.42% against the proposal.

"Therefore the above resolution has been passed with requisite majority," the filing said.

Airtel's AGM was held on August 12, 2022 (Friday).

As per the notice of AGM dated July 21, 2022, shareholders' nod was sought for "re-appointment of Gopal Vittal as Managing Director (designated as Managing Director and CEO) for a further period of five (5) years with effect from February 1, 2023, liable to retire by rotation..."

Vittal was re-appointed as the managing director and CEO with effect from February 1, 2018 for a period of 5 years, (upto January 31, 2023). His re-appointment was due for another term of five years (that is from February 1, 2023 to January 31, 2028).

The AGM agenda circulated earlier, giving out the details of the proposed remuneration to be paid to Vittal, mentioned the fixed pay to be 9.6 crore per annum "or such other amount as may be determined by the Board of Directors of the company, provided that increment, if any, during the subsequent years, shall not exceed 15% per annum of the fixed pay of preceding financial year."

It further said the variable pay (Performance Linked Incentive) to be paid annually after the end of the financial year is 6.2 crore (at 100% performance). The total variable pay shall not exceed 90% of the annual fixed pay for any financial year, it added.

For 2021-22, Vittal's fixed pay (excluding perquisites) stood at 9.1 crore, in addition to a variable pay component.

Recently, Vittal claimed that Bharti Airtel will start rolling out 5G services in August and cover all towns and key rural areas of India by March 2024.

Bharti Airtel has acquired 19,867.8 MHz frequencies in 5G spectrum auction by securing a pan-India footprint of 3.5 GHz and 26 GHz bands and select purchase of radiowaves in the low and mid-band spectrum for a total consideration of 43,040 crore.

(With PTI inputs)

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