Tech giant Apple Inc. has increased its Chief Executive Officer (CEO) Tim Cook’s salary by 18 per cent, according to exchange filling of smartphone giant.

In its annual proxy filing on January 10, Apple disclosed that Cook’s total compensation for 2024 rose to USD 74.6 million (Rs 643 crore), up from USD 63.2 million (Rs 544 crore) in 2023. It cited the raise largely to an increase in stock award value.

The decision was made prior to the February 25, 2025, Annual General Meeting (AGM) of the company. Cook’s pay is one of four external proposals that investors will vote on during the meeting, according to a Bloomberg report.

Salary breakup of Tim cook’s salary

A base salary of USD 3 million, stock awards of USD 58 million, performance-based bonuses of USD 12 million, and other benefits totaling USD 1.5 million are all part of the compensation package.

Security costs, private jet travel, 401(k) contributions, life insurance premiums, and vacation cash-outs are all covered by the extra pay.

Comparison to previous years compensation

Although a significant increase over 2023, this still falls short of Cook’s nearly USD 100 million 2022 salary, which soared as a result of the stock awards in his compensation package, according to the report. He made a 2023 pay cut offer in response to criticism from shareholders and staff.

However, according to the report, Apple has resisted every other proposal. It further stated that a proposal from shareholders to terminate the company’s diversity, equity, and inclusion (DEI) program is one of the proposals that have been blocked.

No change in 2025 compensation

The document disclosed that, in light of Cook’s ‘continued exceptional performance’ as CEO, Apple’s board has not altered Cook’s 2025 compensation plan. Citing efficiency and security concerns due to his prominent position, the company mandates that Cook travel exclusively in private aircraft for both business and personal purposes.

General counsel Kate Adams, chief operating officer Jeff Williams, retail chief Deirdre O’Brien, and former CFO Lucia Maestri all made about $27.2 million in 2024, which represents a slight increase over the previous year.

New Delhi, Jan 10: As the preparations for the Union Budget 2025-26, which generally comes on February 1, are in full swing, all eyes are now on the official confirmation from the government about presenting the budget over the weekend this year.

There have been occasions in the past when the Union Budget was presented on Saturdays and the domestic stock markets were open.

On February 1, 2020, and February 28, 2015, the markets were open on Saturday due to the presentation of the Union Budget.

In a circular dated December 23, the National Stock Exchange (NSE), has already said that due to the presentation of the Union Budget, a special trading session has been kept for Saturday, February 1, 2025.

“On account of the presentation of the Union Budget, Exchange shall be conducting a live trading session on February 01, 2025, as per the standard market timings,” according to the circular.

The pre-open session will be from 9 a.m. to 9.08 a.m. After this, there will be a normal trading session from 9.15 a.m. to 3.30 p.m.

On February 1, 2024, the Nifty closed with a decline of 0.13 per cent during the presentation of the interim budget.

On the day of the full budget presented on July 23, 2024, after the Lok Sabha elections, the Nifty closed with a decline of 0.12 per cent.

Meanwhile, the government will continue its focus on improving quality spending, strengthening the social security net, and reducing the fiscal deficit to 4.5 per cent of the GDP in the financial year 2025-2026, according to a Finance Ministry statement.

FM Sitharaman is expected to continue with the government’s position of increasing expenditure on big-ticket infrastructure projects and social welfare schemes for the poor while keeping the fiscal deficit in check when she presents the Union Budget for 2025-26 in Parliament on February 1.

Mumbai: The Mumbai Police’s Economic Offences Wing (EOW) conducted raids at six locations as part of its investigation into the multi-crore fraud involving Torres Company. The raids targeted the company’s offices in Dadar, Lower Parel, and Opera House, along with the residences of three accused individuals in Colaba, Umerkhadi (Dongri), and Dombivli.

During the operation, the EOW seized ₹3 crore in cash from the company’s offices and the residences of the accused. The cash was counted using two specialized machines. Several crucial documents were also recovered. Confirming the action, a senior EOW official identified the arrested individuals as Tania Casatova (Uzbekistan) from Colaba, Valentina Ganesh Kumar (Russia) from Dombivli, and Sarvesh Surve from Umerkhadi.

According to EOW sources, absconding accused Mohammed Tausif Riaz, alias John Carter, has submitted a 182-page report. The report alleges that the same individuals behind the Torres fraud were also responsible for the 2019 B2B jewelry scam in Ukraine and Russia. This report, shared with other agencies, is currently under scrutiny.

The investigation revealed that foreign suspects, including Valentina Kumar, Tania Casatova, and Victoria Kovalenko, used fake identification documents to purchase Indian SIM cards, reportedly paying over ₹12,000 for each. The SIM cards were allegedly procured from Nepal. Two of these suspects have been arrested.

The EOW suspects that Torres Company operated a Ponzi scheme under the guise of a jewelry business. Evidence of tax evasion and money laundering has emerged. Arrested suspect Sarvesh Surve claimed he was a director and shareholder but denied involvement in the company’s operations. This claim is under investigation.

Fraud Scope and Online Activities:

The EOW is also examining Torres Company’s Instagram account, where misleading posts and videos continue to lure victims. The Cyber Cell is aiding in identifying the locations and individuals responsible for these activities. Three bank accounts linked to Torres Company have been frozen, with further efforts underway to seize additional assets.

Official estimates currently place the fraud at ₹23 crore. However, authorities suspect it could exceed ₹1,000 crore, given the increasing number of complaints.

Complaints and Seizures

DCP Sangramsingh Nishandar (EOW) confirmed that more than 350 complaint forms have been received so far. “Cash exceeding ₹3 crore, silver, stones, investment papers, and other valuables have been seized. Over 15 luxury cars were delivered to customers, with five more bookings still pending,” he stated, emphasizing that the investigation is ongoing.

A Look-Out Circular (LOC) has been issued against Victoria Kovalenko (38), a resident of Ukraine, and Mohammed Tausif Riyaz alias John Carter (33), a resident of Mumbai.