However, the new promoters of the company also fixed the ceiling on his salary at Rs 25 crore till 2011. The EGM, to be held on July 15, will discuss increasing the salary, allowances and perquisites of Singh to not beyond Rs 25 crore, effective January 2008. The resolution will also seek to allow the Board of Directors to revise it from time to time.
The other terms and conditions relating to the appointment and remuneration of Singh, as approved by members at the annual general meetings held on June 28, 2006 and May 31, 2007 shall remain unchanged.
Malvinder has also been invited to join the global mangement team of Daiichi Sankyo.
The meeting will also seek to amend the existing employee stock-option scheme to the effect that the maximum number of stock options granted to an employee in a year shall be from 40,000 to 3 lakhs. The company sought to pass a special resolution that would will allow its board to issue equity shares to Daiichi at the rate of Rs 732 a share with a face value of Rs 5 and warranted to be converted later as shares, at the rate of Rs 737 a share.
Malvinder Singh's family sold their entire 34.8 per cent shareholding in Ranbaxy to Daiichi Sankyo, in a deal valued at $ 4.6 billion.