A new next-generation member from its founding family has joined the country's largest real estate group DLF , but Rahul Talwar - a grandson of Chairman KP Singh - would begin his journey as a 'trainee'.
Rahul, son of K P Singh's elder daughter Renuka Talwar, has joined DLF India Ltd as a "senior management trainee" with a pay package of Rs 57,725 per month, besides other benefits.
India's new business families
Renuka is married to GS Talwar, who also happens to be a non-executive director at DLF Ltd.
Renuka's younger sister Pia Singh is also a whole-time director with DLF, while brother Rajiv Singh is Vice Chairman.
DLF will seek approval from its shareholders at the upcoming Annual General Meeting on August 4 for Rahul's appointment with its subsidiary company DLF India Ltd.
The DLF board had approved the appointment, effective from January 20, at its meeting held on January 31.
His remuneration would include a basic salary of Rs 19,250 per month, house rent allowance equivalent to 70 per cent of basic salary, conveyance allowance of Rs 15,000, personal allowance of Rs 10,000 and other benefits like medical reimbursement and provident fund.
Rahul would be entitled to annual increments as per company policy like any other employee, DLF said.
The appointment needs shareholder approval, because Rahul is related to the company's directors.
At the same time, DLF has also sought shareholders' nod for appointment of Kavita Singh, wife of Vice-Chairman Rajiv Singh, as an 'advisor' to DLF Universal Ltd.
Kavita's appointment is for a period of three years, with effect from June 1, 2011 and she would be given a retainership fee of Rs 2.5 lakh per month, besides other benefits.
She had been an Advisor to DLF Commercial Developers Ltd since November 2002 and her appointment was last renewed by DLF shareholders at the company's AGM on September 30, 2008.
At the same AGM, the shareholders also approved appointment of Savitri Devi Singh as 'General Manager' in DLF Commercial Developers Ltd.
In the last AGM on September 28, 2010, the shareholders approved Savitri Devi Singh's appointment as 'Business Head (Retail Business), DLF Commercial Developers Ltd'.
The same AGM also approved appointment of Anushka Singh as 'Senior Management Trainee', as also her elevation as 'General Manager-Development, DLF Home Developers Ltd.
Savitri and Anushka are daughters of Rajiv Singh and grand-daughters of K P Singh.