Second richest Indian Anil Ambani has foregone salaries and commissions from his group companies for 2008-09 as part of austerity measures although he will still get over Rs 50 crore as sitting fees and previous-year commissions.In the process he has foregone over Rs 50 crore.
As Chairman of five of his group's listed companies -- Reliance Communications, Reliance Capital, Reliance Power, Reliance Infrastructure and Reliance Natural Resources Ltd -- he was paid a total of Rs 52.078 crore during the last fiscal as sitting fees for the year and as also commissions for previous year 2007-08, representing an annual increase of nearly Rs 10 crore.
The total amount paid to Anil Ambani in 2008-09 exceeds the same for any other executive by the companies which have furnished the remuneration details for their top executives during the latest fiscal.
This is despite the industrialist foregoing any salary or commissions from all these companies, and the remuneration during the year only comprises sitting fees for attending the board as a director and the payments towards commissions for the previous fiscal 2007-08.
During 2007-08, Anil's elder brother Mukesh Ambani, the Chairman and MD of Reliance Industries, was the top-paid executive in the country with total remuneration of Rs 44.02 crore. However, Mukesh Ambani's remuneration for 2008-09 is not known as RIL is yet to come out with its balance sheet for the year.
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