Asked for his reaction to Corporate Affairs Minister Salman Khurshid's recent remark on outrageous salaries paid to CEOs, Federation of Indian Chamber of Commerce and Industries chief Singhania said, "If you want talent, you have got to pay for it."

"If they are efficient companies who are doing well, who are responsible, well-governed, they are responsible towards shareholders and stakeholders...I think let them be left alone," Mittal said, adding that the government can have an issue if the companies are not governed well.

On October 4, Khurshid advised India Inc to refrain from doling out "vulgar" salaries to CEOs: "I think when we are working on this (austerity), we can hardly say that we (will) shut our eyes on what salary the CEOs are going to take," he said.

Reacting sharply to Khurshid's comments India Inc had said any regulation of CEOs' pay may lead to flight of talent and capital from India and that pays are best decided by industry. Prime Minister Manmohan Singh also yesterday ruled out any move to impose restrictions on CEO remuneration, saying it is best left to boards of companies.