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Infosys to pay CEO Parekh 16.25cr annual salary (Lead)

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Bengaluru, Jan 4 (IANS) Global software major Infosys would pay its new Chief Executive Officer and Managing Director (CEO&MD) Salil S. Parekh a whopping Rs 16.25 crore salary per annum, the IT major said on Thursday.

In a regulatory filing on the BSE, the company said in addition to Rs 6.5 crore fixed pay and Rs 9.75 crore variable pay, Parekh would get restricted stock units (RSUs) or shares (Rs 5 face value) equivalent to Rs 3.25 crore as annual equity grant and annual performance equity grant worth Rs 13 crore, taking the package to Rs 32.5 crore per annum for five years.

“The compensation for Parekh is subject to approval of shareholders through postal ballot and electronic voting by February 20, 2018,” said the filing.

The company’s Board has appointed its Company Secretary Parameshwar G. Hegde as the scrutiniser for conducting the postal ballot and e-voting.

The company’s blue-chip scrip of Rs 5 face value was quoting Rs 1,016.75 per share on the BSE in the pre-noon trading on Thursday after opening at Rs 1,022 and as against Rs 1,019.10 closing rate on Wednesday.

The resolution also sought the investors’ approval for Parekh’s appointment as the CEO and MD and Additional Director on the Board from January 2, 2018 to January 1, 2023.

In addition to salary and stock options, Parekh will get health and life insurance as applicable to his executive post.

“Compensation benefits will include paid vacation, travel and entertainment expenses as applicable to the company’s executive,” added the filing.

As the variable pay (Rs 9.75 crore) will be applicable from April 1, the company will pay Parekh Rs 2.4 crore from January 2 to March 31 of this fiscal (2017-18).

“The variable pay (Rs 9.75 crore) will be payable subject to the company’s achievement of certain milestones determined by the Board or its committee from time to time,a noted the filing.

Parekh will also be given a one-time equity grant of RSUs having a value equal to Rs 9.75 crore in two instalments of 50 per cent each on the first anniversary of the grant date and its second anniversary.

According to other terms of the appointment resolution, Parekh’s five-year term has an option of renewed it further for another three years subject to the shareholders’ approval.

“Parekh, 53, will retire upon attaining the age of 60 years,” added the filing.

In the event of leaving the company during the tenure, Parekh or the company has to give a three-month notice.

Parekh joined the city-based outsourcing firm on Tuesday after the Board appointed him on December 2.

A veteran in the software industry, Parekh is the second non-founder executive of the $10-billion firm after the exit of the first non-promoter CEO Vishal Sikka in August following a spat with its co-founders over governance issues last year.

Prior to joining Infosys, Parekh was an executive board member of the Paris-headquartered global consulting, technology and IT firm Capgemini.

Parekh has Masters degrees in computer science and mechanical engineering from Cornell University in the US and a B.Tech degree in aeronautical engineering from IIT-Bombay.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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