One of India’s most valuable stocks on the bourses is facing the heat from its own shareholders. Stock exchange filings show that 27 per cent of institutional shareholders rejected the proposal to re-appoint Siddhartha Lal as managing director of Eicher. The company, which manufactures the Enfield brand of motorcycles and is known for its iconic Bullet range of bikes, had hiked Lal’s compensation to Rs 21.2 crore per annum. That’s a jump of 130 per cent of what the scion of the family that owns Eicher earned in 2016-17. The proposal, now nixed by shareholders, was to increase Lal’s compensation to Rs 23.23 crore for the current financial year. Here is a look at what the core of Eicher’s board looks like.
1) Siddhartha Lal: The man in the eye of the storm, Lal is son of Vikram Lal, the founder of Eicher. Lal’s salary, at Rs 21.2 crore, is one of the highest among all MDs and CEOs in the automobile industry and just behind Rajiv Bajaj. Both Bajaj and Lal are promoters of their respective companies. Lal’s…
