South-based media and entertainment company Sun TV Network on Friday said its chairman, Kalanithi Maran, and his wife, Kavery Kalanithi, who is the executive director, have decided to keep their salaries at the FY18 level, thereby refraining from seeking any hike.
Both Kalanithi Maran and Kavery Kalanithi had been drawing salary of Rs 13.83 crore and ex-gratia and bonus of Rs 73.67 crore, aggregating to Rs 87.50 crore in FY18, making them among the highly-paid CEOs in the country. The duo had also maintained the same salary structure in FY19.
Announcing the decision to the stock exchanges, Sun TV said: "Kalanithi Maran, chairman and Kavery Kalanithi, executive director, have expressed their intention to voluntarily limit their remuneration (including salary and exgratia/bonus) for the current financial year 2019-20 to a sum not exceeding the remuneration (including salary and ex-gratia /bonus) earned by them two years ago in the financial year 2017-18 and have retained the said amount for the last financial year 2018 -19. The remuneration committee and the board of directors have taken on record the same." Kalanithi Maran owns 75% of the company's stake and he had received a dividend of Rs 295.56 crore during FY18.
Kavya Kalanith Maran, daughter of Kalanithi Maran, was inducted into the board of directors of the company in March this year. Sun TV Network is one of the largest television broadcasters in the country that operates satellite television channels across four languages of Tamil, Telugu, Kannada and Malayalam, airs FM radio stations across India and owns the SunRisers Hyderabad cricket franchise of the Indian Premier League (IPL).