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Lakshmi Venu to get more responsibilities at Sundaram Clayton

Published: 26th November 2013 05:44 PM  |   Last Updated: 26th November 2013 05:44 PM   |  A+A-

Lakshmi-Venu_PTI

The Board of TVS Group company Sundaram Clayton has decided to confer "additional responsibilities" on Lakshmi Venu, daughter of TVS Motor Company chairman Venu Srinivasan and daughter-in-law of Infosys chairman N R Narayanamurthy.

Lakshmi Venu was appointed as "Director-Strategy" in the rank of Managing Director of the company for a period of five years from March 22, 2010 to March 21, 2015.

"The Board at its meeting held on October 29, decided to confer certain additional responsibilities on Lakshmi Venu for exploring business opportunities and expansion, both on domestic and international fronts", Sundaram Clayton said in a BSE filing.

Besides, she would also "coordinate the company's financial and budgetary activities to fund operations, maximise cost reduction efforts and increase efficiency", it added.

However, the statement said that the revised terms of the remuneration consistent with shouldering these additional responsibilities be effective September 1, 2013, would be "subject to approval" of the shareholders at the general meeting of the company.

Accordingly, if the board approves, the revised remuneration for Lakshmi Venu would be Rs 7.50 lakh per month.

Besides, she would also be offered commission on the "percentage of net profits of the company, as may be determined by the Board depending upon the company's performance each year, time to time", it said.

Shares of the company closed at Rs 304.95 apiece, up 1.65 per cent from the last close at BSE.



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