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| Exchange Received Time 08/07/2018 19:42:18 Exchange Disseminated Time 08/07/2018 19:42:26 Time Taken 00:00:08 | | This is in reference to the news item published in the newspaper 'MINT' on 5.7.18 titled 'Fortis CEO''s pay grew more than fourfold in two years'. We would like to state that the headline of the said news item and the details published therein are misleading and does not convey the correct factual position.In this regard, we would like to clarify the following:A.Bhavdeep relocated from the USA in 2015 and was appointed as the CEO effective 24.7.15. He received a salary for a period of 8 months and 8 days in 15-16. As part of his employment contract he was also offered and entitled to a one-time joining bonus.B.In 16-17, apart from his salary for 12 months he also received a partial incentive for the previous year and the joining bonus which was to be paid to him at the time of his joining as per contract.C For 15-16, he received an increment of 5% and for 16-17 he was given 9%. In 17-18 he has not been givencrement at all making the annual increment average in the range of less than 5% |
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