The highest of the hikes was given to Chief Financial Office V Balakrishnan with Rs 1.73 crore. Followed by European business and executive council member B G Srinivas, who was paid highest remuneration of Rs 4.67 crore.
The hikes ranged from above 5 crores to the lowest of was Rs nine lakh.
As per the auditors report the collective remuneration of all the board members and top management personnel rose by Rs 10.28 crore to Rs 29.16 for the last fiscal year.
This comes after the company had said that it would be freezing wage hikes and recruitment for the current fiscal and also predicted first ever decline in its full-year revenue in its guidance for the current fiscal citing recession.