Paytm said that all the seven resolutions were duly passed with over 94% of votes cast in their favour. Some of these included Sharma’s remuneration for the next three financial years, reappointment of Madhur Deora as executive director, president and chief financial officer of the company, reappointment of early-backer Elevation Capital’s co-managing partner, Ravi Adusumalli as director of the company. These were not discussed at the AGM.
The development comes as three proxy advisory firms including – Institutional Investor Advisory Services India (IIAS), InGovern and Stakeholders Empowerment Services had advised shareholders to
vote against the reappointment of Sharma as the CEO and managing director.
“Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, however these have not played out. We believe the board must consider professionalising the management,” IIAS had said in its note to shareholders.
On August 19, Paytm held its first annual general meeting as a listed company, where Sharma reiterated that his employee stock option grant would not vest until the company’s share price crossed that at the initial public offering.
Speaking at the company’s first annual general meeting as a listed company, held virtually, he also said Paytm was on track to turn operationally profitable by September next year.
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Paytm’s shares on Friday ended at Rs 771.85 on the BSE, down 1.86% from the previous close and 64% below the November 2021 IPO price of Rs 2,150 a share. But they have climbed more than 50% from the low of Rs 511 hit on May 12 this year.
