According to reports, wind turbine maker Suzlon Energy will seek shareholders’ approval for re-appointment of Tulsi Tanti as managing director of the company with an annual salary of Rs. 3 crore.
The company would also seek nod for preferential issue of shares certain entities and promoters.
These are among the resolutions for which Suzlon would seek shareholders’ green signal through a postal ballot.
Suzlon is seeking approval to re-appoint Tanti as managing director for a period of three years starting from April 1, 2014.
Besides an annual salary of Rs. 3 crore, Tanti would also be eligible for various “perquisites” including medical benefits for self and family, according to the postal ballot notice.
Further, the firm would seek approval from shareholders to increase its borrowing limit to Rs. 20,000 crore from Rs. 10,000 crore.
Another resolution is for authorising Suzlon board to “create a charge in whatsoever manner on the company’s current assets, present and future, in favour of banks, financial institutions, bodies corporate, other entities, person or persons who may provide such credit facilities to the company”.
Suzlon reported a consolidated net loss of Rs. 1,075.25 crore in the latest December quarter. In the year-ago period, the same was at Rs. 1,154.53 crore. These figures are after share in associate’s profit and minority interest.
In the third quarter of current fiscal (2013 December quarter), the wind turbine maker raked in total income of Rs. 5,052.20 crore compared to Rs. 4,047.71 crore in the same period a year ago.
At the end of December quarter, the group’s order book stood at 5.5 GW (gigawatts), translating to around Rs. 47,393 crore (or $7.7 billion) in value.