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New Delhi: Vijay Shekhar Sharma was reappointed as Paytm’s chief executive officer (CEO) and managing director (MD) on Sunday. The resolution to reappoint Sharma as Paytm’s CEO was backed by 99.67 percent of shareholders who voted at the company’s annual general meeting, said One97 Communications Ltd, the fintech’s parent firm.
On August 19, a total of seven resolutions were passed at the 22nd AGM of Paytm. These included Sharma’s remuneration for next three fiscal years, reappointment of Madhur Deora as the company’s chief financial officer and retaining Ravi Adsumalli as a director.
The company issued a statement and said the resounding vote in favour of Sharma’s reappointment “reflects investors’ faith” in the leadership. The vote also shows that the investors are confident about Paytm’s “growth and profitability target”, it added.
Thank you to our shareholders for a heartening response to our first AGM as a listed company. With overwhelming support, our MD & CEO Vijay Shekhar Sharma will continue to lead and guide us. All resolutions from our 22nd AGM have been duly passed.https://t.co/tQmlxphHoy
— Paytm (@Paytm) August 21, 2022
“We are thankful to our shareholders for their unwavering support and faith in our leadership. We remain committed to building a large, profitable company and creating long-term shareholder value, while driving financial inclusion in the country,” the company statement quoted the spokesperson.
Earlier in May 2022, OCL’s Board of Directors approved the reappointment of Sharma as Managing Director. Additionally, SEBI, in February 2022, had made it voluntary for India Inc to have a separate Chairperson and Managing Director/Chief Executive Officer.
In most Nifty 50 companies, the Managing Director is appointed on a non-rotational basis. The resolution for Sharma’s remuneration received 94.48 per cent of votes in favour.
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