Arora, seen as heir apparent to SoftBank's billionaire founder Masayoshi Son, received a salary package of USD 73 million, including a compensation of USD 14.2 million from other SoftBank units, media reports said, citing a proxy statement issued by SoftBank.
The pay package of Arora, already Japan's highest paid executive, is in the same range as of Apple's Tim Cook and Walt Disney's Bob Iger.
In May last year, he was elevated to president and COO, the first time in 35-year history of SoftBank that anyone was given the 'president' title.
At that time, Son had also mentioned that Arora is the most likely candidate to succeed him in the future.
Also Read
Last month, Son reiterated his confidence in Arora when a group of unidentified investors in the US questioned the Banaras Hindu University-graduate's abilities for the role he currently plays in the company and had sought his removal.
Arora, who is responsible for global operations, has led SoftBank's investments in India's e-commerce provider Snapdeal.Com, ride-hailing service Ola Cabs, real-estate website Housing.Com, hotel-booking app Oyo Rooms and Grofers.
SoftBank's investment in India has crossed the USD 1 billion mark and it has recently stated that its investment in the country will cross USD 10 billion in the coming years.
In June last year, SoftBank along with contract manufacturing giant Foxconn had partnered with Bharti Enterprises with plans to invest USD 20 billion in solar power projects in India.
SoftBank, however, stood by Arora, saying he "remains a highly valued leader with proven investment abilities and we are confident he will continue to make great contributions at SoftBank in the years ahead."
Arora, 48, also denied allegations against him as baseless.
Arora, who gave up a high-profile post at Google to join
the Japanese firm in 2014, last August said he would buy 60 billion yen of the company's shares, worth USD 483 million at the time to show his confidence in its prospects.
"We can confirm we are in receipt of a letter from a US law firm claiming to represent unidentified shareholders. The letter makes unsubstantiated allegations against Mr Arora," SoftBank said. "The Board takes its duties seriously and is in the process of reviewing the letter."
The unnamed shareholders have alleged conflicts of interest, poor performance in making investments for SoftBank and excessive compensation at the company without sufficient disclosure.
The conflict-of-interest allegations centre on Arora's role as a senior adviser at Silver Lake, a position he has held since 2007 when he worked at Google.