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GTL top brass agree to 25 pc pay cut

Our Bureau

MUMBAI, Dec. 12

AS part of its strategy to beat the slowdown, the top brass of GTL Ltd, formerly Global Telesystems Ltd, has decided to forgo part of their pay and commission.

The chairman and managing director as well as the joint managing director of the company will take a voluntary pay cut of 25 per cent and waiver of commissions, the company has informed the stock exchanges.

Besides the voluntary pay cut, the other measures taken by the company to tackle the slowdown include continued thrust on international operations and investments; rationalisation of Capex; strict monitoring of administrative expenses; weeding out of non -performers and need-based redeployment of manpower and strategic efforts to consolidate quality customer base.

At a recent meeting of its board, GTL has also reviewed its business strategy identifying call centres and network engineering as its areas of focus for the future.

Following this, GTL has put in place a management council for increasing middle management participation in the decision making process.

The board has been restructured with new roles and responsibility allocations among the four Executive Directors: Mr Manoj Triodkar as Chairman and Managing Director, Mr Fritz D'Silva as the Joint Managing Director and Chief Operating officer, Mr V.N. Pa ranjpe as Whole Time Director, designated as the Deputy Chief Operating Officer and Chief Financial Officer and Prof S.C. Sahasrabundhe as Whole Time Director and Chief Technology Officer. Meanwhile, the company has informed the stock exchanges that the board of directors of GTL will meet on December 14 to consider and approve allotment of up to 62,572 equity share of Rs 10 each for cash at a premium of Rs 90 per share for its employees' stock option (ESOP) scheme upon exercise of option for conversion of warrants into equity shares.