The proposals that entailed doling out higher pay packets - beyond the permissible limit - were put for shareholders' approval and were rejected "due to inadequacy of profits in company for FY 2013-14".
Salary proposals for Tata Motors' executive directors -- Ravindra Pisharody (Commercial Vehicles) and Satish Borwankar (Quality) -- and Slym (late managing director) have been rejected by the shareholders through postal ballot.
Announcing the results of the postal ballot today, Tata Motors said the three proposals were not passed with requisite majority by the shareholders.
Noting that it has taken cognisance of the shareholders' views, Tata Motors said that at the same time, it is necessary to balance this with recruiting and retaining an industry- proven management team through the long-term.
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"This involves ensuring that the company's leadership and talent base is appropriately remunerated, notwithstanding cyclical phases. This is particularly important when the company has ongoing significant turnaround and growth strategies under execution," the spokesperson said.
"These resolutions require shareholder approval as per the Companies' Act due to the inadequacy of profits in the company for FY 2013-14," the spokesperson said.
According to Tata Motors, structure of the remuneration proposals were first cleared by the company in the 2012-13 fiscal, but needed to be approved by shareholders.
"The proposals are consistent with market benchmarks and based on a series of metrics relating to the company's overall performance and health, and aggressive implementation of strategies for future growth.
Emphasising that this slowdown impacted the entire auto industry last fiscal, she said the commercial vehicle segment -- a mainstay of Tata Motors' business and profitability -- declined by 22.4 per cent over the previous financial year.
Meanwhile, shareholders approved three other proposals relating to sanction borrowing up to Rs 30,000 crore.
Asserting that the company remains committed to pursuing the long-term interests of all stakeholders, Tata Motors said it was "currently considering its options".