Ashok Leyland MD to take a pay cut

Following a drop in commercial vehicle sales, Ashok Leyland’s Managing Director Vinod K Dasari will take a pay cut in 2013-14. The company will seek shareholders’ approval through a postal ballot to pay minimum remuneration to the managing director, according to information available on the company’s Website. Dasari’s salary will be ₹2.20 crore for the year, a 20 per cent drop over his salary of ₹2.79 crore in 2012-13. The resolution states that due to the sluggish market, the company is seeing a slowdown resulting in a net loss for the period during 2013-14. The company does not expect to report business profits in the remaining three months.