Detailed in the prospectus for Gujarat’s recently launched entitlement issue, which is pursuing up to $50.3 million of gross proceeds from retail investors to add to the $58.15 million it has already raised from key shareholder Jindal Steel, was a salary table for key Gujarat directors.

It revealed that Jagatramka’s cash salary and fees amount increased from $664,903 in 2012 to $1.02 million in 2013.

When including “salary sacrifices”, share-based payments across both years plus a “non-monetary benefit” of $132,496 in 2013, Jagatramka’s total Gujarat-related earnings amounted to $813,867 in 2012 and increased by 64% to $1,332,337 in 2013.

The table also revealed the “proposed” salary for Jagatramka’s executive chairman successor, Jindal’s Jasbir Singh, which was $114,450 for 2014.

The amount is 11% of Jagatramka’s base salary of $1.02 million in 2013.

Assuming Singh does not receive other benefits, it could be one-tenth of Jagatramka’s Gujarat-related earnings for this year.

The increase in Jagatramka’s salary this year has come despite the impacts of the coal market downturn and Gujarat’s worsening financial and cashflow position.

The Illawarra miner stopped making superannuation payments to its workers in March and halted paying wages to them in September.

Back pay only started on November 7 after Jindal agreed to a Gujarat-saving share offer and provided a $50 million short-term loan facility.

Even in early November there was a report that Origin Energy was hours away from cutting off electricity to Gujarat’s two underground operations over an unpaid power bill.

Jagatramka, the Rolls Royce-driving public face of Gujarat for years, was credited with saving the Wollongong Hawks basketball team from financial ruin.

The Illawarra Mercury consequently named him as person of the year in 2009.

He resigned as executive chairman 10 days after the mid-October share offer was struck, which lifted Jindal’s stake of Gujarat to 53.3%.