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Yogesh Chander Deveshwar to stay at ITC for two more years

The development comes at a time when the diversified conglomerate is diversifying further into dairy products, packaged fresh vegetables, chocolates, coffee and many more

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Yogesh Chander Deveshwar
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Diversified conglomerate ITC has extended the term of its most illustrious head, Yogesh Chander Deveshwar for another two years till 2022 beyond February 2020, up to which his appointment was earlier approved. This is being done in light of "increasing size and complexity" of the conglomerate, ITC said.

With his salary now exceeding 50% of the aggregate salary of other non executive directors, ITC is seeking approval of shareholders again under the revised regulations.

The development comes at a time when the diversified conglomerate is diversifying further into dairy products, packaged fresh vegetables, chocolates, coffee and many more.

This strategy to reduce dependency on its mainstay cigarettes was spearheaded by Deveshwar during his tenure as chairman cum managing director.

At the upcoming annual general meeting of the company, ITC is seeking approval of the shareholders for re-appointment of Deveshwar as non-executive director and chairman of the company for the period to February 3, 2022.

"Given the increasing size and complexity of the organisation, the Committee and the Board are of the view that it would be in the best interest of the company for Mr. Deveshwar to continue in his capacity as chairman for some more time. Accordingly, the board at the meeting held on May 16 on the recommendation of the committee, recommended for the approval of the members, the re-appointment of Mr. Deveshwar as chairman and non-executive director of the company for the period from February 5, 2020 to February 3, 2022, as set out in the resolution relating to his re-appointment," ITC said in its notice to shareholders.

Deveshwar, who has now taken up the mentoring role for the new managing director Sanjiv Puri, was in the news last year when the board approved Rs 1 crore salary to him plus other benefits.

While his remuneration was earlier approved by shareholders, approval is again needed as it exceeds half of what is paid to other non-executive heads.

"In terms of the recently notified Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, consent of members by way of special resolution is required every year, if the remuneration payable to a single non-executive director in that year exceeds 50% of the aggregate remuneration payable to all the non-executive directors taken together," ITC told its shareholders on Tuesday.

Deveshwar would now continue to get paid till 2022 consolidated salary of Rs 1 crore a month, commission ranging between Rs 30 lakh and Rs 60 lakh apart from rent-free furnished accommodation.

...& ANALYSIS

Rs 1 crore a month
Deveshwar would now continue to get paid till 2022

Rs 30-60 lakh
commissions he would get apart from rent-free furnished accommodation.

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