In a communication to the stock exchanges, the company said that the board in its latest meeting decided to confer certain additional responsibilities on Lakshmi Venu for exploring business opportunities and expansion on both domestic and international fronts. Besides this, she will also coordinate the company's financial and budgetary activities to fund operations, maximise cost- reduction efforts and increase efficiency.
The board, therefore, decided to revise the remuneration consistent with the additional responsibilities effective September 1, 2013.
It may be recalled that Lakshmi Venu was inducted into the Sundaram-Clayton board in March 2010 as director (strategy) in the rank of managing director for a period of five years from March 22, 2010 to March 21, 2015 and the company got approval from shareholders in September during the same year. The board, in its meeting on May 5, 2011, revised the terms of remuneration payable to Lakshmi Venu in line with the remuneration paid to similarly placed senior management personnel, the company's statement further added.