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Indiabulls Housing: Top Management Opts Salary Cut For FY21

Firm's chairman Sameer Gehlaut has decided to forgo his salary, while vice-chairman, managing director, and CEO Gagan Banga, has opted to take a 75 percent salary cut.

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Housing finance company Indiabulls Housing Finance announced its senior management has voluntarily opted to take up to 35 per cent pay cut for the financial year 2020-21.

The senior management of the Company has decided to lead the efforts on expense control by volunteering to take pay cuts up to an average of 50% for the current financial year, due to slowdown and difficulties caused by COVID 19.

Firm's chairman Sameer Gehlaut has decided to forgo his salary, while vice-chairman, managing director and CEO Gagan Banga, has opted to take 75 per cent salary cut for the year, the company said in a filing to exchanges.

Senior management has decided to lead the efforts on expense control by volunteering to take pay cuts up to an average of 35 per cent for the current financial year, it added.

Last month, the group had said it had donated Rs 21 crore to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES Fund) to support the government in combating the coronavirus pandemic and providing relief to the affected.




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