RIL chief Mukesh Ambani draws nil salary
New Delhi, Jun 3: Richest Indian Mukesh Ambani drew no salary from his flagship firm Reliance Industries Ltd in the fiscal year ended March 31 as he voluntarily gave up remuneration in light of the pandemic hitting the business and the economy.
In its latest annual report, Reliance said Ambani's remuneration for financial year 2020-21 was "nil."
In the previous fiscal year, he drew a Rs 15 crore salary from the company - the same as in the previous 11 years.
Ambani has kept salary, perquisites, allowances and commission together at Rs 15 crore since 2008-09, forgoing over Rs 24 crore per annum.
"In light of the COVID-19 outbreak in India, which has exacted a huge toll on the societal, economic and industrial health of the nation, Mukesh D. Ambani, the Chairman and Managing Director, has voluntarily decided to forego his salary," the company had said in June last year.
Remuneration of his cousins Nikhil and Hital Meswani remained unchanged at Rs 24 crore but this time it included Rs 17.28 crore commission.
Executive Directors P M S Prasad and Pawan Kumar Kapil saw their remuneration go up after they got performance-linked incentives for two years.
While Prasad drew Rs 11.99 crore in 2020-21, up from Rs 11.15 crore in the previous year, Kapil got Rs 4.24 crore as against Rs 4.04 crore in 2019-20.
The payment of Prasad and Kapil included "performance-linked incentives for FY 2019-20 and FY 2020-21," the annual report said.
Ambani's wife Nita, a non-executive director on the company's board, earned Rs 8 lakh sitting fee and another Rs 1.65 crore commission for the year.
Apart from Ambani, the RIL board has Meswani brothers, Prasad and Kapil as wholetime directors.
Besides Nita Ambani, other non-executive directors include Yogendra P Trivedi, Dipak C Jain, Raghunath A Mashelkar, Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji, former SBI chairperson Arundhati Bhattacharya and former CVC K V Chowdary.
All independent directors got a Rs 1.65 crore commission for the year besides a sitting fee of up to Rs 36 lakh.
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Tsunami alert after a volcano in Indonesia has several big eruptions and thousands are told to leave
Jakarta, Apr 17: Indonesian authorities issued a tsunami alert Wednesday after eruptions at Ruang mountain sent ash thousands of feet high. Officials ordered more than 11,000 people to leave the area.
The volcano on the northern side of Sulawesi island had at least five large eruptions in the past 24 hours, Indonesia's Centre for Volcanology and Geological Disaster Mitigation said. Authorities raised their volcano alert to its highest level.
At least 800 residents left the area earlier Wednesday.
Indonesia, an archipelago of 270 million people, has 120 active volcanoes. It is prone to volcanic activity because it sits along the “Ring of Fire,” a horseshoe-shaped series of seismic fault lines around the Pacific Ocean.
Authorities urged tourists and others to stay at least 6 km (3.7 miles) from the 725-metre (2,378 foot) Ruang volcano.
Officials worry that part of the volcano could collapse into the sea and cause a tsunami as in a 1871 eruption there.
Tagulandang island to the volcano's northeast is again at risk, and its residents are among those being told to evacuate.
Indonesia's National Disaster Mitigation Agency said residents will be relocated to Manado, the nearest city, on Sulawesi island, a journey of six hours by boat.
In 2018, the eruption of Indonesia's Anak Krakatau volcano caused a tsunami along the coasts of Sumatra and Java after parts of the mountain fell into the ocean, killing 430 people.
