Gopal Vittal’s re-appointment as managing director of Bharti Airtel has been approved by the company’s shareholders. Beginning on February 1, 2023, Vittal will continue serving as Airtel’s MD for a five-year term. More than 97% of all votes cast, according to the telecom, supported the resolution.
Bharti Airtel reported the results of its Annual General Meeting (AGM) in a regulatory filing. It said that 89.57% of shareholders voted in favour of and 10.42% opposed the special resolution relating to Vittal’s compensation as managing director and CEO of the company.
In a regulatory statement on the results of its Annual General Meeting, Airtel stated that the resolution “has been carried with required majority” and that it received more than 97 percent of the total votes cast (AGM).
Shareholder approval was requested, per the AGM notice dated July 21, 2022, for the “re-appointment of Gopal Vittal as Managing Director (designated as Managing Director and CEO) for a further period of five (5) years with effect from February 1, 2023, eligible to retire by rotation.” Vittal was reappointed as the managing director and CEO on February 1, 2018, for a term of five years (upto January 31, 2023). It was time for him to be reappointed for a further five-year term (that is from February 1, 2023 to January 31, 2028).
The AGM agenda, which included information about the planned compensation for Vittal, said that the fixed amount would be Rs. 9.6 crore per annum.
According to recent claims made by Vittal, Bharti Airtel would begin offering 5G services in August and will have them available in all major cities and rural parts of India by March 2024. Bharti Airtel paid a total of 43,040 crore to buy 19,867.8 MHz of frequencies in the 5G spectrum auction by securing a pan-Indian footprint of the 3.5 GHz and 26 GHz bands as well as specific purchases of radiowaves in the low and mid-band spectrum.
