Vijay Shekhar Sharma Reappointed As MD And CEO Of Paytm As per reports, 99.67 per cent votes were in favour of Sharma's re-appointment while 0.33 per cent voted against the resolution
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The scrutinizer report filed by One97 Communications, which operates under the Paytm, has stated the approval of Vijay Shekhar Sharma's re-appointment as managing director and chief executive officer of the company for another five years. As per the report, 99.67 per cent votes were in favour of Sharma's re-appointment while 0.33 per cent voted against the resolution.
The shareholders also approved the remuneration of Sharma and Madhur Deora, but the level of support was not similar as of the re-appointment. Around 94.48 per cent of shareholders voted in favour of the remuneration for Sharma and 5.52 per cent opposed it. Taking institutional investors into consideration, out of all the votes, 75.6 per cent opposed the salary proposal for the Paytm boss, while only 24.4 per cent agreed to the proposal.
The institutional investor advisory services had the opinion that Sharma's remuneration is higher than that of all S&P, BSE, Sensex company's CEOs, and most of these companies are profitable.
"Sharma's remuneration is fixed for the next three years without any annual increment, unlike the policy or practice applicable to all other employees of the company," said Paytm in a statement.
"We are thankful to our stakeholders 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 statement added.
During the annual general meeting held on Friday, Sharma, reportedly, had told that the parent company One97 does not influence the price at which the stock trades but the management is making efforts to make the firm profitable.
The Paytm, on August 21, tweeted that, "Thank you to our shareholders for a heartening response to our first AGM as a listed company. With overwhelming support, our MD and CEO Vijay Shekhar Sharma will continue to lead and guide us. All resolutions from our 22nd AGM have been duly passed."