Posts Tagged ‘Vanisha Mittal Bhatia’
The Chairman of the biggest steel maker in the world, Lakshmi Mittal, took a pay cut last year due to declining profit in his company, Arcelor Mittal. One of the richest men in Indian, Mittal is known for his famous daughter in addition to being the CEO or ArcelorMittal. He and his wife, Usha, own almost 40% of the stock in the company.
He had his salary and perks decline 38% year over year. In 2013 he made $2.29 million, not a bad amount but a significant cut from the $3.71 million he earned the year before.
All other board members of the company had their pay increase during the year, even though the company posted a loss of $2.5 billion for the year. This was quite a disappointing report from the steel giant and the second consecutive year of loses. Mittal is the highest paid member of the board and the only one that also holds an executive position in the operation. His daughter Vanisha Mittal Bhatia, whose marriage has been rumored to be on the rocks, got a pay increase for her time on the board.
The Vanisha Mittal Bhatia divorce comes as a shock for a number of reasons, starting with the sheer amount of money spent on the ceremony. When Amit Bhatia and Vanisha Mittal married in 2004, Vanisha’s father – who was worth around $50 billion at the time – spent about $78 million on the wedding. It was an incredibly extravagant affair, held in Paris, that went on for days. It was labeled as one of the most expensive weddings of all time, as well as one of the largest parties that the city had ever seen.
After that, it seemed that the couple could never get divorced just because of the investment that Vanisha’s father had made. He does not get any of that money back just because of the Vanisha Mittal Bhatia divorce. He cannot be happy about having thrown away such a sum, only to see the union not stand the test of time. Even for someone who is worth so much, 78 million USD is a lot of money. On top of that, the wedding became a public affair, making the whole thing a rather embarrassing spectacle.
Furtherer, Amit works as an investment banker for Vanisha’s father. He has been very successful in his own right, winning awards and being recognized as one of the best in the business. Still, you have to think that the Vanisha Mittal Bhatia divorce will make things very awkward between him and his employer in the future, really straining that working relationship.