Tata Sons CFO to be among highest paid in Tata Group after 35% hike1 min read . Updated: 27 Aug 2021, 01:37 PM IST
- The Annual General Meeting (AGM) of Tata Sons will be held on September 14 through video conferencing
Ahead of the Annual General Meeting (AGM) scheduled to be held on September 14, Tata Group released its report for 2020-21 which showed key information related to financial performance of the group, remuneration of top management personnel and its plans for the 103rd AGM.
The annual report showed that Tata Sons’ consolidated net profit rose to ₹19,397 crore from ₹10,916 crore in 2019-20, whereas its standalone profit after tax surged to ₹6,511.63 crore. Its revenue from operations plunged over 60% to ₹9,460.24 crore during financial year 2021 as compared to ₹24,770.46 crore in the year-ago period. Dividend income was higher in the previous year mainly on account of special dividend received from a subsidiary, also helped by TCS share buyback.
More interestingly, the report showed the remuneration of Tata Sons' Chief Financial Officer (CFO) and Executive Director which has increased from ₹15.85 crore (last drawn) to ₹21.45 crore (sought to be paid), making him among the highest paid top executives in the conglomerate.
Tata Sons is also seeking approval in its 103rd AGM to raise up to ₹40,000 crore through various modes, including non-convertible debentures. The company is also seeking nod to reappoint Saurabh Agarwal, Ralf Speth as directors and independent director Harish Manwani on its board.
Tata Sons is the principal investment holding company and promoter of Tata companies. The Tata Group companies include Tata Consultancy Services (TCS), Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications.
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