His increments were to be determined by the board in the range of Rs 18 lakh to Rs 30 lakh per month. The company has responded to the central government requesting reconsideration of its application for approval of such excess remuneration,” it said. “Subsequent to the year-end, the company has received communication from the central government not approving such excess remuneration. USL had also sought to pay a one-time bonus of Rs 5 crore during the financial year 2014-15 to Murali. The government has struck down United Spirits’ proposed pay packages for its CEO Anand Kripalu and CFO P A Murali at Rs 6.49 crore and Rs 15.31 crore, respectively, which were in excess of limits prescribed under the companies law.

Source: Hindustan Times May 27, 2016 08:11 UTC