Khurody had joined the company in April last year when the then managing director HD Munshi had resigned taking responsibility of the company's first-ever Rs 16.8-crore loss. Voltas had then admitted that the loss was a result of meaningless diversification in the '90s. The onus had fallen on Khurody to work out the company's revival by sticking to its core areas and exiting all non-core businesses.

In just 12 months, Voltas managed to substantially pare losses to Rs 9.31 crore. In view of the circumstances that Khurody had to operate during the year, and the enormous efforts put in by him to bring about a turnaround of the company's performance, the directorshave proposed that Khurody be allowed to retain the excess remuneration.