UBL paid Rs 1.4cr to Mallya as commission,sitting fees in FY12
New Delhi: United Breweries Ltd Chairman Vijay Mallya received over Rs 1.4 crore as commission and sitting fees during 2011-12 from the company.
According to the company's annual report for 2011-12, Mallya had received a commission of Rs 14,269,200 over and above Rs 1,00,000 of sitting fees.
Commission is usually paid to directors of a company depending on the performance of the company, while sitting fees are mainly for attending board and committee meetings apart from other committee meetings.
The commission paid to Mallya, who holds 8.39 percent stake in the company, is nearly nine times higher than that paid to other directors of the company.
Other directors of United Breweries Ltd (UBL), Chugh Yoginder Pal, Chhaganlal Jain, Sunil Alagh, Madhav Bhatkuly and Kiran Mazumdar Shaw were paid Rs 16,54,400 each as commission, while Stephan Gerlich received commission of Rs 12,40,800 during the year under review.
As far as director sitting fees were concerned, Mallya received a total of Rs one lakh during the year.
Among the directors who received maximum sitting fees were UB Group CFO Ravi Nedungadi at Rs 2.30 lakh, Chugh Yoginder Pal (Rs 2.10 lakh) and Chhaganlal Jain (Rs 2.9 lakh).
In the annual report, Mallya termed sale of 100 million cases of Kingfisher beer as the highlight for company during fiscal 2012.
Mallya added that locally brewed Heineken is now available in Delhi, Bangalore, Kolkata, Goa and Maharashtra.
"It has been well received in each of these markets and plans are underway to roll out the brand in other markets around the country during the coming year," he added.
For the year ended March 31, 2012, the company had posted net sales of Rs 3,625.15 crore. Its net profit during the period stood at Rs 126.77 crore.