New Delhi: Country's largest realty group DLF will next month seek shareholders' nod for elevating Rahul Talwar, grandson of Chairman K P Singh, to the position of General Manager (Marketing) with nearly three-fold pay hike.
Rahul, son of K P Singh's elder daughter Renuka Talwar, joined DLF India Ltd (DIL) as a 'senior management trainee' last year with a pay package of Rs 57,725 per month, besides other benefits.
In a notice to shareholders for their Annual General Meeting on September 7, 2012, DLF has sought their approval for the elevation of Rahul Talwar as General Manager (Marketing) at its subsidiary company DIL with a maximum monthly pay package of Rs 1.8 lakh, besides other benefits.
Detailing terms and conditions for the elevation, DLF said in the Explanatory Statement of the shareholder notice that Rahul's promotion would be effective from April 1, 2012.
The company's board of directors, at the recommendation of its remuneration committee, had approved this elevation on May 30, 2012, DLF said.
His monthly remuneration would include basic salary of Rs 30,000, HRA of 70 percent of basic pay, personal allowance of Rs 20,000, conveyance allowance of Rs 50,000, SAF allowance of 15 percent of basic pay and Rs 4,167 towards hard furnishing, besides provident fund and gratuity contribution as per DIL rules and annual performance award of Rs 3.0-6.5 lakh.
"Rahul Talwar shall be entitled to like any other employee annual increment/increase as per the policy of DIL," the company said.
Rahul's mother Renuka is married to G S Talwar, who also happens to be a non-executive director at DLF Ltd.
Renuka's younger sister Pia Singh is also a whole-time director with DLF, while brother Rajiv Singh is Vice Chairman.
At its upcoming AGM, DLF would also seek shareholders' approval for re-appointment of Rajiv Singh to its board.
Last year, DLF shareholders had approved Rahul Talwar's appointment as 'senior management trainee' with a remuneration that included a basic salary of Rs 19,250 per month, house rent allowance equivalent to 70 percent of basic salary, conveyance allowance of Rs 15,000, personal allowance of Rs 10,000 and other benefits like medical reimbursement and provident fund.
His appointment and elevation require shareholder approval, because Rahul is related to the company's directors.
At last AGM, DLF shareholders had also approved appointment of Kavita Singh, wife of Vice-Chairman Rajiv Singh, as an 'advisor' to DLF Universal Ltd.
First Published: Sunday, August 12, 2012, 14:52