(Reuters) - Sony Corp's top executives will return their annual bonuses as the company's electronics business struggles with losses, the Nikkei reported.

About 40 executives involved with the electronics and headquarters operations will give up amounts equivalent to 30-35 percent of their annual pay as proposed by Chief Executive Kazuo Hirai, the daily said.

The bonuses to be handed back could reach as much as 1 billion yen ($9.8 million), the Nikkei reported.

Sony will report on Wednesday results for the year ended March 31.

The company will also put on hold commercial development of OLED (organic-light emitting diode) television and focus on the 4K ultra high-definition LCD TVs to bring its TV business back to profitability, the daily said in a separate report.

Sony said in February it would spin off its TV operations into a separate business and sell its Vaio personal computer division as part of a broad restructuring.

($1 = 102.1150 Japanese Yen)

(Reporting by Mridhula Raghavan in Bangalore; Editing by Sriraj Kalluvila)