September 29, 2023


Passion For Business

OYO founder Ritesh Agarwal’s salary rose eight fold in FY21: DRHP

In accordance to the Draft Redding Herring Prospectus Oyo submitted on Friday, the wage of the firm’s founder Ritesh Agarwal rose eightfold to Rs 1.sixty two crore in economical calendar year 2020-21 from Rs 21.5 lakh the preceding calendar year.

The agency reported in its draft papers that its other top rated compensated critical managerial staff are Main Monetary Officer Abhi­shek Gupta and Aditya Ghosh, the non-executive nominee director.

Ghosh attained Rs 5.seventy four crore, whilst Gupta was compensated Rs 7.fourteen crore in FY21. “Our founder, Ritesh Agarwal was appointed as chairman pursuant to a Board resolution dated Sept­ember 21. Agarwal is also the world main executive officer of just one of our subsidiaries, Oyo Singapore, the agency reported.

The principal conditions of Agarwal’s appointment as world CEO of Oyo Singapore, established out in the employment agreement signed June 27, 2019, entitles him to a gross yearly remuneration of Rs 1.06 crore, alongside with perquisites these as lodging.

Further more, Agarwal’s yearly wage was elevated by an addi­tional Rs four.forty five crore by Oyo Sing­apore with impact from January 1, 2021, the DRHP points out.

In April 2020, as the pandemic started taking a toll on the hospitality sector, Agarwal reported he would take a one hundred per cent wage slash for the rest of the calendar year and the company’s complete executive management workforce also reported they would take a voluntary pay back slash starting at 25 per cent and likely up to fifty per cent to aid develop the runway for the business.

Ghosh, who was previously the president of IndiGo Airlines, noticed his wage rise to 5.seventy four crore in FY21 from Rs 1.eight crore a calendar year previously. Gupta noticed his remuneration fall to Rs 7.fourteen crore in FY21 from Rs eight.seventy three crore a calendar year back.

Between other critical management staff are Ashish Garg, business secretary, who was compensated Rs 12.7 lakh, down from Rs 28.6 lakh the preceding calendar year.

Director Betsy Atkins, the CEO and founder of Baja Company, drew wage of Rs 1.28 crore in FY21, virtually double the Rs sixty four lakh attained the preceding calendar year. Two other directors — W Steve Albrecht and Troy Matthew Alstead — were compensated Rs 1.48 crore and Rs 1.3 crore in FY21, respectively.

The business past calendar year also undertook a slew of measures which include asking all employees to take a 25 per cent pay back slash and furloughing some others. As of March 31, its full employee foundation was 5,130 persons, of whom virtually eighty per cent are dependent in India.

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Very first Released: Fri, October 01 2021. 19:32 IST