India’s leading payments service, Paytm, has reappointed Vijay Shekhar Sharma as its Managing Director and Chief Executive Officer. Its 99.67 per cent shareholders voted in favor of him.
The company said in an official statement that the resounding votes of almost 100 per cent in favor of his reappointment reflected investors’ faith in the company’s leadership and also showed that they were confident about the company’s growth and profitability target.
The digital payment company thanked the shareholders for a heartening response to its first AGM as a listed company. It said with overwhelming support, their MD & CEO Vijay Shekhar Sharma will continue to lead and guide us. All resolutions from our 22nd AGM have been duly passed.
Paytm spokesperson said that they were thankful to their shareholders for their unwavering support and faith in the leadership. They were committed to building a large, profitable company and creating long-term shareholder value, while driving financial inclusion in the country.
He said that Vijay’s remuneration received 94.48% votes in favour of the resolution. His remuneration was fixed for the next three years without any annual increment, unlike the policy/practice applicable to all other employees of their company. Furthermore, in his letter to shareholders dated April 6, 2022, Vijay had informed the public that his ESOPs will vest only when the market cap crosses the IPO level on a sustained basis. The ESOPs were already approved by the shareholders in compliance with applicable laws and with all necessary approvals before the IPO was looked at.
According to an official statement, at the AGM, shareholders also endorsed resolutions for reappointment of Ravi Chandra Adusumalli to the Board and appointment of Madhur Deora as Whole-time Director designated as Executive Director, President and Group Chief Financial Officer of Paytm along with his remuneration. The shareholders also approved their contribution to Charitable and other Funds, and the receipt, consideration and adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2022.