However, Parekh's package will rise over the long term to up to Rs 3 crore a month from April onwards after including stock options at the IT giant, where former top executives' salaries had faced sharp criticism by the founders.
Besides, he will get a one-time equity grant of Rs 9.75 crore in two instalments but his package will still remain below that of Sikka, who received an average pay of Rs 3.7 crore per month in 2016-17.
In addition, he will receive an annual grant of restricted stock units of Rs 3.25 crore and Rs 13 crore in annual performance equity grants.
Sikka, who quit in August last year after a protracted row with Infosys founders -- had drawn a total compensation, including bonus and grant of stocks, of Rs 45.11 crore in 2016-17 (as per Infosys' annual report).
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The ballot also gave details of severance pay terms for Parekh, stating that he will receive 50 per cent of fixed pay and bonus (of the previous 12 months) and vesting of outstanding stock options till that period.
The hefty severance pay to Rajiv Bansal, Infosys' former CFO, was among the issues flagged by co-founder N R Narayana Murthy who had alleged corporate governance lapses at the country's second largest IT services firm.