Kinetic Engineering shareholders reject move to hike MD pay

Shareholders of Pune-based Kinetic Engineering Ltd have rejected a proposal by the company to increase the remuneration of its Managing Director Ajinkya A Firodia, according to a regulatory filing by the company. According to a special resolution passed on March 27, 2019, the shareholders had approved the appointment of Firodia as the company’s MD for five years effective from April 23, 2019, and also approved his terms of remuneration for a maximum period of three years.