NEW DELHI: After facing a major setback from shareholders, Eicher board on Monday announced the reappointment of Siddhartha Lal as the managing director of the company.
The decision will be subject to shareholder approval and the Board will go back to them for fresh approval through postal ballot, the company said in a regulatory filing.
Shareholders had last week voted down the reappointment and pay hike of 10% for Lal at the company’s annual general meeting. It was reported that a hike of 10% to Lal faced backlash from investors concerned about slowing down of business operations due to the Covid-19 pandemic. Lal, however, continues to be the director and CEO of the company.