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Remuneration of Unitech’s top executives - Chairman Ramesh Chandra and his two sons Sanjay and Ajay - remained unchanged during the last financial year, but company’s expenditure on several heads, including legal charges and advertisements, increased.
The total remuneration package of Unitech Chairman Ramesh Chandra stood at Rs 1.92 crore in the 2011-12 fiscal, while the remuneration of two managing directors - Sanjay Chandra and Ajay Chandra - was about Rs 1.71 crore each, according to the company’s annual report for last fiscal.
The Unitech Chairman and the two managing directors had got the same package during 2010-11 fiscal as well.
Among the six non-executive directors, the commission and sitting fee of five such executives declined and it remained unchanged in case of one person.
The commission and sitting fee of Minoti Bahri declined to Rs 80,000 in FY’12 from Rs 1.4 lakh in the previous year, while that of G R Ambwani to Rs 21 lakh from Rs 21.2 lakh and Anil Harish to Rs 20.2 lakh from Rs 20.4 lakh in the review period.
The payments to Sanjay Bahadur and Ravinder Singhania declined from Rs 21.2 lakh each in 2010-11 to Rs 20.6 lakh and Rs 20.8 lakh, respectively. P K Mohanty received Rs 20.8 lakh from Unitech during the last fiscal as well as 2010-11.
As per the annual report, the company’s legal and professional charges increased to Rs 22.71 crore in 2011-12 from Rs 20.49 lakh in the previous year. The advertising expense more than doubled to Rs 9.16 crore from Rs 4.34 crore.
The expenditure on food & beverages, health club, horticulture and house keeping also increased sharply.
On headcount, Unitech said the company had 1,442 employees on its rolls as on March 31, 2012, which is 30 fewer than in the previous year.
Unitech’s revenue declined by 29 per cent to Rs 2,421.86 in 2011-12 fiscal against Rs 3,396 crore in the previous year, while net profit fell to Rs 237.38 crore from Rs 567.66 crore during the period under review.
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