Eicher Motors is seeking shareholders’ approval for two resolutions that include the re-appointment of Siddhartha Lal as the managing director and his remuneration. The e-voting for these resolutions commenced on September 25 and it will end on October 24.

The company’s fresh attempt comes after its shareholders at the annual general meeting held last month, rejected a proposal for his re-appointment as the managing director for five years with effect from May 1 this year.

The members also rejected the proposal of his remuneration. While 73 per cent of the votes favoured the re-appointment, the rest 27 per cent were against it.

Eicher Motors had then combined the two resolutions into a joint special resolution which needed the support of 75 per cent of the members voting. It is now going back to the shareholders through a postal ballot. However, both the proposals are ordinary resolutions.

According to the postal ballot notice, the Nomination and Remuneration Committee (NRC) approved the re-appointment of Lal on revised initial terms of annual remuneration.

The company added that the board has powers upon recommendation of the NRC to revise it from time to time in accordance with applicable law.

According to the revised pay structure, Lal will earn Rs 12 crore annually as fixed pay and Rs 1 crore via perquisites.

His pay package also includes statutory contributions in accordance with UK laws and payment of commission subject to a maximum limit of 80 per cent of the fixed pay. During 2020-21 he had earned Rs 7.38 crore.

Shares of Eicher Motors on Monday ended lower by 1.70 per cent at Rs 2878.50 on the BSE.