SICOM Pays Over Rs 44 million to Top Executives 2024

SICOM Ltd. pays large sums to its top executives and board members, raising questions about public spending. For the fiscal year ending June 30, 2024, the Group CEO, Nandita Ramdewar, received a total package of Rs 14.7 million, which includes salary, retirement contributions, and other benefits. Her total compensation amounts to about Rs 1.1 million per month.

The former Chairperson, Karuna B. Obeegadoo, earned Rs 3.4 million during the same period. Overall, SICOM Ltd., a state-owned financial group involved in insurance and asset management, paid more than Rs 44 million to its board members and executives for the year ending June 30, 2024.

This is an increase from over Rs 41 million paid out in the previous year.

The company’s annual report shows that non-executive directors received Rs 7.65 million from SICOM Ltd. and Rs 7.19 million from its subsidiaries, totaling Rs 14.85 million.

Meanwhile, executive directors were paid Rs 29.3 million, split between Rs 24.3 million from SICOM Ltd. and Rs 5 million from its subsidiaries.

Top executives, including CEO Ramdewar and Chief Investment Officer Dev K. Gopy, stand out for their compensation. Besides their salaries, they received additional benefits.

Ramdewar’s total package of Rs 14.7 million including Rs 11.5 million in wages and Rs 3.2 million in retirement contributions.

This totaling about Rs 1.1 million per month. Gopy’s earnings comprise Rs 7.49 million in salary and Rs 2.12 million in other benefits, totaling Rs 9.6 million.

Some non-executive directors also received significant sums, often from multiple sources. Former Chairperson K.G. Bhoojedhur Obeegadoo, who remained on the board until November 2024, was paid Rs 3.46 million—Rs 2.02 million from SICOM Ltd. and Rs 1.45 million from its subsidiaries.

Other notable directors include Jairaj Sonoo, who earned Rs 767,120, and Chaitanand (Rishi) Jheengun, who received Rs 682,120. Chandradeo (Sanjeev) Dabeea earned over Rs 1 million.

While these figures comply with legal disclosure requirements, they spark debate about public sector pay.

As citizens demand greater transparency and good governance, it is crucial for public companies like SICOM to justify their pay levels, especially in a context of budget constraints and calls for salary moderation in government roles.

Authorities emphasized that executive compensation should be aligned with performance, workload, and international best practices.

Source: l’Express