Covid-19: L&T board members take pay cut of up to 53%, Naik sees hope in H2
Larsen & Toubro Chairman A M Naik has struck a positive note in his letter to shareholders, saying H2 of FY21 could see better economic activity.
With business taking a hit on account of the pandemic, Naik took a 24 per cent pay cut. At its annual general meeting (AGM) scheduled for August 13, the firm will discuss and is likely to approve of a fundraising resolution to the tune of Rs 4,500 crore through various sources such as qualified institutional placement (QIP).
Naik said: “The pandemic and its fallout makes it difficult to forecast the future with certainty.” He said it was premature to predict any business outcome.
“While we hope the second half of 2020-21 will herald better economic and business activity in terms of tendering, good liquidity, as well as revival of labour and supply chains, it would be premature to predict the company’s business outcomes,” he said in the letter, in the FY20 annual report.
