This compares with the Rolls-Royce-driving former chairman of Gujarat NRE Coking Coal Arun Jagatramka who was on a million-dollar base salary.
Singh – representing white knight investor Jindal Steel – took charge of Gujarat on October 28, 2013, and moved to have the name of the company changed to Wollongong Coal.
“The salary payable to the executive for a past period between October 26, 2013, and August 29, 2014, has been accrued and will only be payable once the company achieves set milestones,” Wollongong said in its executive services agreement with Singh.
The term of the appointment is four years starting from October 26, 2013, and the appointment may be terminated with 12 months of notice.
Singh is pursuing Jagatramka and the Gujarat NRE Group to “recover around $70 million owed”