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Vijay Shekhar Sharma Reappointed As Paytm Chief; 99.67% Shareholders Vote In His Favour

The resolution for the compensation of Vijay Shekhar Sharma received 94.48 percent of the vote.

New Delhi:

Vijay Shekhar Sharma has been reappointed as Paytm Managing Director and Chief Executive Officer as 99.67 percent of shareholders voted for him.

One97 Communications Limited (OCL), owner of the Paytm brand, India’s leading digital payments and financial services company and the pioneer of QR and mobile payments, recently held its 22nd Annual General Meeting (AGM), the first as a Listed Company.

The company’s shareholders voted by a 99.67 percent majority to re-appoint Vijay Shekhar Sharma as Managing Director for another five years, designated as “Managing Director and Chief Executive Officer” of the company.

“The resounding votes of nearly 100 percent in favor of his reappointment reflect investors’ confidence in the company’s leadership and also demonstrate their confidence in the company’s growth and profitability target,” an official statement said.

Earlier in May 2022, OCL’s Board of Directors approved the reappointment of Mr. Sharma as CEO.

In addition, in February 2022, SEBI had made it voluntary for India Inc to have a separate Chairman and General Manager/Chief Executive Officer.

In most Nifty 50 companies, the CEO is appointed on a non-rotating basis.

The decision on Mr Sharma’s remuneration received 94.48 percent of the vote.

His remuneration is fixed for the next three years without any annual increase, contrary to the policy/practice applicable to all other employees of the company.

In addition, in his letter to shareholders dated April 6, 2022, Sharma informed the public that his share ownership plan (ESOPs) only vest when the market capitalization exceeds the initial public offering (IPO) level on a sustainable basis.

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The ESOPs had already been approved by shareholders in accordance with applicable law and with all necessary approvals before the IPO was reviewed, the company said in a statement.

At the AGM, the shareholders also duly passed the resolutions for the re-appointment of Ravi Chandra Adusumalli as a member of the Board of Directors, the appointment of Madhur Deora as a full-time director appointed as Executive Director, President and Group Chief Financial Officer of the company, together with its remuneration, and approval of its contribution to charitable and other funds and the receipt, treatment and approval of the company’s audited stand-alone and consolidated financial statements for the fiscal year ended March 31, 2022.

Mr Deora’s appointment received 99.82 percent votes, while the decision on his remuneration received 94.53 percent votes.

Mr. Deora joined the company in 2016 and has played a pivotal role in onboarding major investors and shaping the company’s growth plans.

“We are grateful to our shareholders for their continued support and confidence in our leadership. We remain committed to building a great, profitable company and creating long-term shareholder value, while driving financial inclusion in the country” a Paytm spokesperson said.

Under the leadership of Vijay Shekhar Sharma, Paytm has established itself as the pioneer of QR payments, the leader in digital payments and continuously innovating in payments and digital financial services.

In a letter to shareholders dated April 6, 2022, Mr. Sharma, encouraged by the company’s business momentum, scale of revenue generation and operating leverage, said Paytm should break EBITDA over the next 6 months. quarters (ie EBITDA before ESOP charges, and by the quarter ended September 2023).

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(Except for the headline, this story has not been edited by NDTV staff and has been published from a syndicated feed.)

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