Nayara Energy seeks Centre's approval on independent directors' pay

The company said the remuneration proposed to be paid to the independent directors is comparable with the remuneration being paid for similar assignments in the industry

Russia’s Rosneft-owned Nayara Energy has sought the Centre’s permission to pay additional fees of $270,000 each to its independent directors — former banker Naina Lal Kidwai and former PWC India Chairman Deepak Kapoor.

Apart from the sitting fees, the remuneration will be paid in rupees represented by the value in dollars. It would be at the exchange rate prevailing on the date of payment of the remuneration, according to a notice to the shareholders.

Nayara Energy earned a profit of Rs 1,029.9 crore in the financial year ended March 31, 2022. However, on account of adjustment of past accumulated losses, there was