What comes to mind while wondering who could be the highest-paid employee at Reliance?Industries? Is it its?chairman, Mukesh Ambani? Well, the answer is no.
In fact, it's his two cousins, Nikhil Meswani and Hital Meswani, who are the highest-paid employees at Reliance Industries.
Both of the highest-paid employees of Reliance Industries are the sons of Rasiklal Meswani, one of the founder directors of the company.?Rasiklal was the son of Dhirubhai Ambani's elder sister, Trilochna Ben. As per the ET report, the remuneration of Nikhil and Hital Meswani was?Rs 25 crore each in FY23.
Meanwhile,?Mukesh Ambani's wife Nita, a non-executive director on the company's board, earned Rs 6 lakh as a sitting fee (up from Rs 5 lakh in 2021-22) and another Rs 2 crore in commission for 2022¨C23 (unchanged from the previous fiscal). She had in 2020¨C21 received Rs 8 lakh sitting fee and another Rs 1.65 crore commission, as per the ET report.
Nikhil Meswani?is a chemical engineer. He had joined?Reliance?in 1986, and since July 1, 1988, he has been a full-time Director, designated as Executive Director, on the Board of the Company. He is primarily responsible for the petrochemicals division and has made major contributions towards Reliance becoming a global leader in petrochemicals. Between 1997 and 2005, he handled the refinery business for the Company. In addition, he continues to shoulder several other corporate responsibilities, such as Corporate Affairs and Group Taxation. He is also involved in the affairs of the Reliance-owned?IPL?cricket franchise Mumbai Indians, the Indian Super League, and other sports initiatives of the Company.
On the other hand,?Hital Meswani?is a Management and Technology graduate from the University of Pennsylvania (UPenn) in the USA. He had received a Bachelor of Science Degree in Chemical Engineering from the School of Engineering and Applied Sciences, UPenn, and a Bachelor of Science Degree in Economics from the Wharton Business School. He joined Reliance Industries in 1990, as the company's website mentions.
He is on the Board of the company as Whole-time Director, designated as the Executive Director, RIL, since August 4, 1995. His overall responsibility spans the Petroleum Refining and Marketing Business, petrochemical manufacturing, and several corporate functions of the company, including Human Resources Management, Information Technology, research and technology, and capital project execution.
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Oil-to-retail conglomerate Reliance Industries has sought the approval of the company's shareholders to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029, a period during which he has opted to draw nil salary.
In a special resolution, Reliance sought the nod of shareholders to appoint Ambani as the head of the company?until April 2029.
As per the report, in the special resolution posted to shareholders, Reliance said its Board of Directors on July 21, 2023, approved "re-appointed Mukesh D. Ambani as Managing Director, for a period of 5 years from the expiry of his present term, i.e. with effect from April 19, 2024."
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In its latest annual report, Reliance said Mukesh Ambani's remuneration for the financial year 2022-23 was "nil".
Mukesh Ambani has?not drawn any?salary?or profit-based commission for three years in a row beginning FY21, having capped his annual remuneration at Rs 15 crore from financial year 2008-09 (April 2008 to March 2009) to FY20; and since FY21, he has opted to forego his salary due to the COVID-19 pandemic until the company and all its businesses were fully back to their earnings potential.??
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