MAM
Eicher Motors reappoints Siddhartha Lal as MD
Mumbai: The board of Eicher Motors Ltd (EML) on Monday decided to re-appoint Siddhartha Lal as managing director, with effect from 1 May.
Earlier on 17 August, the shareholders, at the company’s 39th Annual General Meeting (AGM) had rejected the proposal for the re-appointment of Lal as MD. The shareholders had also rejected the payment of remuneration to Lal.
“The matter pertaining to the appointment of Siddhartha Lal as managing director and the remuneration proposal was discussed comprehensively, and the board unanimously decided to reappoint Siddhartha Lal as Managing Director, with effect from May 1, 2021,” the company said in a regulatory filing.
Speaking about the outcome of the AGM and specifically about the remuneration issue, EML chairman, S Sandilya said, “The Nomination and Remuneration Committee (NRC) of the company has considered all the factors, including inputs from various stakeholders including institutional investors before recommending remuneration for key managerial persons. The primary concern with investors was not Siddhartha’s reappointment as managing director or the proposed compensation; it was the lack of clarity regarding the enabling provision that potentially allowed payment of remuneration upto 3 per cent of profits.”
“Over the last four years, we have had the same limit of 3 per cent, but in reality have paid only a fraction of that amount. The actual remuneration during FY2021 was at 1.04 per cent of profits, with the preceding years being at a lower percentage,” Sandilya added.
Given the background of actual remuneration paid to the managing director in preceding years, the board has now approved a revised remuneration structure for the managing director, with a maximum cap of 1.5 per cent of profits as per Section 198 of the Companies Act, the company further stated.
Brands
Malaika Arora launches Maejoy accessories brand with Myntra partnership
New label debuts with 250 plus handbags and lab grown diamond jewellery.
MUMBAI: When style meets sparkle, a new brand is ready to take centre stage. Actor and entrepreneur Malaika Arora has launched a lifestyle accessories label called Maejoy, developed in collaboration with Exceed Entertainment and Myntra Jabong India Private Limited (MJIPL), the B2B wholesale arm of Myntra. The brand enters the market with a debut collection of more than 250 styles spanning handbags and lab grown diamond jewellery, two categories that continue to define everyday personal style for modern consumers.
The handbag lineup includes crossbody bags, structured shoulder bags, bucket bags, totes, backpacks, clutches and workwear inspired designs. The pieces are crafted using materials such as synthetic leather, raffia, braids, satin, rhinestones and metallic finishes.
Alongside the bags, Maejoy has introduced a jewellery range featuring lab grown diamond rings, earrings, pendants, bracelets and tennis bracelets. The pieces are set in 925 sterling silver bases with gold, silver and rose gold tones, and include diamonds certified by IGI and GCI.
Positioned as a premium yet accessible accessories label, Maejoy is built around the philosophy “The Joy of Being Me”, aiming to blend aspirational fashion with everyday usability. The brand’s positioning centres on three pillars: authenticity, empowerment and accessibility.
Arora described the venture as a natural extension of her long association with fashion and personal style.
“Maejoy is a labour of love. Throughout my career, whether on screen, in business or through personal style, I have always believed fashion should feel empowering yet effortless. The Joy of Being Me celebrates individuality while making global fashion trends more accessible,” she said.
MJIPL, CXO and head of house of brands Suman Saha said the brand brings together Arora’s style perspective with a strong opportunity in the accessible premium accessories segment.
“Maejoy combines Malaika Arora’s distinctive style sensibility with fashion forward designs that we believe will resonate strongly with consumers looking for elevated yet wearable accessories,” he said.
Exceed Entertainment CEO Afsar Zaidi added that building celebrity led brands requires balancing authenticity with market viability.
“Malaika commands respect both as a fashion icon and a businesswoman. Bringing her creative vision together with Myntra’s brand building expertise creates a strong foundation for Maejoy,” he said.
The collection is available exclusively on Myntra through its website and mobile app, making the brand accessible to millions of shoppers across India as it steps into the competitive lifestyle accessories space.
