Mumbai, Oct 15: Reliance Industries on Thursday, Oct 15 said that its chairman Mukesh Ambani has taken a nearly 66 percent voluntary pay cut to 'set a personal example of moderation in executive compensation'.
The company also announced a new structure for salaries and remuneration of top executives wherein the pay packets would be limited.
Mukesh Ambani would be taking his pay package from over Rs 44 crore in 2007-08 to Rs 15 crore.
He would get a lot less than many other industrialists and executives heading companies with a size less than one-tenth of RIL.
Earlier India Inc had a debate on whether or not there should be regulation on salaries of CEOs.