Entertainment firm and production house Balaji Telefilms on Monday, November 15 said it is seeking approval from its shareholders for payment of reduced remunerations to its Managing Director Shobha Kapoor and Joint Managing Director Ekta Kapoor, with an earlier proposal having been rejected. The shareholders of the company at the annual general meeting held on August 31, 2021, had rejected proposed remunerations of Shobha Kapoor and Ekta Kapoor that included “commission not exceeding 2.5 per cent of the net profit” for a period of two years with effect from November 10, 2021.
In a regulatory filing on Monday, Balaji Telefilms said it is seeking approval of members of the company by way of remote e-voting process for special resolutions of the revised remunerations of Shobha and Ekta for the remaining period of two years of their present tenures with effect from November 10, 2021.
Under the revised remuneration, the company sought approval from the shareholders for a basic salary for Sobha Kapoor an amount not exceeding Rs 20 lakh per month (Rs 2.4 crore per annum) without “commission not exceeding 2.5 per cent of the net profit”, which was there in the earlier rejected proposal.
The other perquisites, allowances and benefits proposed to be given to her remained the same as the earlier proposal.
Similarly, the company has also sought a nod from its shareholders for a basic salary for Ekta Kapoor an amount not exceeding Rs 20 lakh per month (Rs 2.4 crore per annum) without “commission not exceeding 2.5 per cent of the net profit”, which was also there in the proposal that was rejected.
For Ekta Kapoor also, the perquisites, allowances and benefits proposed to be given to her remained the same as the earlier proposal.
“…with due note of decision of the shareholders, the company has re-considered the performance and contribution made by Shobha Kapoor and Ekta Kapoor towards the growth/success of the company during their tenure,” Balaji Telefilms said in its notice for the postal ballot to the shareholders.
Further, after evaluating and assessing the pay scale of the key managerial personnel of the media and film industry, the company said it has “proposed continuation of payment of same salary to Shobha Kapoor and Ekta Kapoor which was approved by the shareholders in the 24th AGM with modifications in other terms and condition of remuneration i.e. discontinuation of commission.”
The company said at the 24th AGM held on August 31, 2018, the shareholders had approved the re-appointment of Shobha Kapoor as Managing Director and Ekta Kapoor as Joint Managing Director for a period of 5 years till November 9, 2023, along with remuneration payable for a period of 3 years which ended on November 9, 2021.
At the 27th AGM held on August 31, 2021, the proposal to approve Shobha Kapoor’s remuneration for the remaining two years of her tenure received only 43.23 per cent votes in favour and 56.76 per cent were against it.
Similarly, the proposal for a salary increase of Ekta Kapoor received 44.54 per cent votes in favour while 55.45 per cent votes went against it.
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