Rico Auto senior executives takes 100% pay cut for 3 months, Auto News, ET Auto

The firm supplies components to OEMs like Hero MotoCorp, TVS Motor, HMSI and Bajaj Auto.

The company supplies parts to OEMs like Hero MotoCorp, TVS Motor, HMSI and Bajaj Auto.
The firm supplies components to OEMs like Hero MotoCorp, TVS Motor, HMSI and Bajaj Auto.

New Delhi: Senior executives at Rico Auto, an component producer, have taken a main fork out to support deal with the impact of the coronavirus outbreak, the firm knowledgeable the exchange on Saturday.

A assertion loaded with BSE reveals Arvind Kapur, Chairman, CEO & Handling Director and Arun Kapur, Joint Handling Director of the Corporation will consider a a hundred per cent for the a few months.

“The promoter govt administrators of the firm have voluntarily renounced complete (a hundred per cent) remuneration for the months of April, 2020, May, 2020 and June, 2020 i.e. to start with quarter of the money year 2020-2021,” the May two submitting stated.

For the remaining nine months through the money year 2020-2021, the assertion additional, the promoter govt administrators will consider 35 per cent of the fork out slice.

The auto component maker also disclosed the BSE filling that the promoter govt administrators have also made the decision to forgo commission, if any, for the recent money year.

“The Board of Directors after thinking of the recommendation of Nomination & Remuneration Committee by way of Round Resolution handed on 1st May, 2020, have accredited the proposal of the Promoter Executive Directors to voluntarily renounce their remuneration as stated above,” the assertion additional.

The firm an recognized player in the two-wheeler initial gear producer (OEM) section with supplies to main gamers like Hero MotoCorp, TVS Motor, HMSI and Bajaj Auto.

Its four-wheeler components OEM associates incorporate entities like Maruti Suzuki, BMW, Honda Cars, Toyota and Renault-Nissan.

Besides domestic gamers, Rico also caters to many export marketplaces like the US, Europe, Japan and Latin The usa from fourteen plants distribute across the state.