Sajjan Jindal, the chief executive officer of Jindal Steel Works earned 1,052 times as much as the firm’s any other employee in the financial year of 2019-’20, according to a report on the pay ratios of India’s top executives compiled by two economists. The pay ratio is the ratio of the top salaries in a group to the bottom salaries.
The report was compiled by Reetika Khera, an associate professor of economics at the Indian Institute of Technology, Delhi, along with Meghna Yadav, who is a graduate at Delhi School of Economics.
Under section 197(12) of the Companies Act, 2013, and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, publicly traded companies are required to disclose the salaries of their top management vis-a-vis other employees.
But of the 42 private companies in the Nifty50, Reliance Industries was the only…