India Inc was on a savage cost cutting drive in the latter half of 2008-09. Salary cuts and job losses became the order of the day. However, the big bosses of real estate companies of at least 4 major real estate companies such as Unitech, HDIL, Anant Raj Industries and Ackruti City took home nearly 2-10 times hike in remuneration compared to a year ago. An analysis of the annual reports of these companies shows that the salary hikes were greater in that fiscal when their businesses were caught due to economic slowdown. Wadhawans of Mumbai-centric Housing Housing Development & Infrastructure Limited (HDIL) are a good example. Between Rakesh Kumar Wadhawan (executive chairman) and Sarang Wadhawan (managing director), HDIL paid them Rs 18 crore in salary and perks in the financial year 2008-09, 10 times more than Rs 1.72 crore a fiscal back in 2007-08. During the same period, consolidated total income of HDIL sank 27% to Rs 1,782 crore and consolidated profits after tax (before minority interests) took a harder 52% knock to Rs 677 crore
Original post:
Realty Bosses Took Huge Salary Hike amid Slowdown Blues
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