Mumbai: Amitabh Bachchan is earning in crores through films and brand endorsements, but his remuneration as a director in a listed company is peanuts at just Rs 2,500 for a full year.
In contrast, Amar Singh (a Samajwadi Party leader) got a whopping Rs 32.10 lakh for 2006-07 from the same company that the Big B is attached to.
The only difference being that Singh is promoter and executive chairman of BSE-listed Energy Development Co Ltd (EDCL), while Bachchan is a non-executive director, according to the information available with stock exchanges.
However, when it comes to the shareholding in EDCL, Bachchan's holding is worth over Rs 18 crore, against about Rs 9-crore shares lying with Singh and his wife.
Singh's wife Pankaja Kumari Singh, also a promoter, earned Rs 10,000 for being a director in the same company.
EDCL is a power generation company with registered office in Kodagu, Karnataka. The company listed its shares on the NSE last Friday, while it is already listed on the BSE as well as Calcutta and Bangalore Stock Exchanges.
This is perhaps the first remuneration received by Bachchan for corporate duties. While he has held the position of chairman at a company founded by him -- Amitabh Bachchan Corp Ltd, he did not take any salary from ABCL.
According to the information available with the stock exchanges, Bachchan used to be among the promoters of the company between June 2005 and March 2006 quarters, but his name has moved out of the promoter group since then.
Bachchan holds 10 lakh shares -- a 3.64 per cent stake, while Singh and his wife hold 2,50,001 shares or 0.91 per cent stake each. According to the available data, this is the only company where the super star holds shares.
EDCL has a market capitalisation of close to Rs 500 crore now, up from about Rs 180 crore a year ago. It had reported a net profit after tax of Rs 10.8 crore in the fiscal ended March, up from Rs 60 lakh in the previous fiscal.
EDCL was incorporated as a public limited company on January 19, 1995. It signed a power purchase agreement with Karnataka Power Transmission Corporation Ltd in 1999 for sale of entire energy generated, which would be valid for 20 years. The Harangi Hydro Electric Project was finally commissioned and synchronised with the grid on July, 14, 1999.
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The company said in its annual report that its board "is represented by well known people from different walks of life. They are reputed and successful professionals, businessman, politicians and film personality. They are well recognised in the society for their contributions and achievements in their respective fields of expertise."
At the end of fiscal 2006-07, the board had nine members and held five meetings during the year. Singh attended all the five, while Bachchan was present in one. Singh's wife attended two meets.
However, neither Bachchan nor Singh and his wife were present at the company's AGM last year.
Singh got Rs 32 lakh as salary and allowances and an additional Rs 10,000 as sitting fees, which include payment to directors for attending meetings of board committees.
The entire payment of Rs 2,500 to Bachchan and of Rs 10,000 to Singh's wife was under the head of sitting fees.
"Payment to non-executive directors have been made, based on the number of board and/or committee meetings attended by them and any significant contributions made by them toward achieving the goal of the company. During the year, the company did not advance any loans to any of its directors, no stock options have been issued to any of the directors of the board," the company said.
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