Officials reappointed Paytm CEO Vijay Shekhar Sharma
According to a company statement on Saturday, all seven resolutions proposed by the company were approved. The Annual General Meeting (AGM) of the company was held last Friday.
Board members of Paytm’s parent company One97 Communications have voted to re-appoint Vijay Shekhar Sharma as CEO. According to the full report released by the company on Sunday, 99.67% of the total votes cast voted in favor of the decision to reappoint Sharma. The decision was supported by institutional investors with 94.69% votes.
Three reputed consultancies – Stakeholder Development Services (SES), India Investment Advisory Services (IiAS), and InGovern Research Services – asked responsible owners to vote against redistribution.
Officials also approved Sharma’s decision with 94.48% votes. However, the majority of the company owners did not support the decision with 75.60% votes against it.
Also Read: Paytm shareholders endorse Vijay Shekhar Sharma’s reappointment
Paytm stated in a statement: “Contrary to the policies/practices applicable to all other workers, His (Sharma’s) compensation would be fixed for the next three years, without any yearly wage increment.” of the company.”
In a letter to shareholders dated April 6, 2022, Sharma said his ESOP will be awarded only after Paytm’s market capitalization crosses the IPO threshold. Shares of Paytm ended Friday’s trading session at Rs.771 per share. Compared to that, the IPO price was Rs 2,150.
According to a company statement on Saturday, all seven resolutions proposed by the company were approved. The Annual General Meeting (AGM) of the company was held last Friday.
One97 Communications (OCL) has sought shareholders’ approval to appoint Sharma as Managing Director (referred to as Managing Director and Managing Director) for five years from December 19, 2022, on a salary of “minimum pay”. I asked. 23rd year.
The SES again appointed and awarded Sharma, citing “double standards and excessive awards” by the CMD. InGovern asked officials to oppose Sharma’s re-appointment and said there was “no need for him to resign” as director, but IiAS countered that he had “failed” in his previous commitments. stock options.
Investor confidence in the management team, as well as the company’s growth and strategic goals, can be shown in the nearly unanimous support for Sharma’s re-election.MD,” Paytm said in a statement.
Paytm officials approved 96.90% of the ballot proposals to appoint Ravi Chandra Adusumal to the board of directors. They approved the appointment of Madhur Deora as Executive Director (Group Managing Director, Chairman, and CFO) with 99.82% votes. On the other hand, institutional investors supported Adusmari’s nomination with 65.02% and 97.13% votes respectively.
Other decisions, such as preparing financial statements and making donations to charities and other organizations, are also approved by the authorities.
Paytm jumped 4% after appointing Vijay Shekhar Sharma as CEO and CEO; Is it worth the investment?
Paytm share prices: Shares of One97 Communications, which runs the financial services platform Paytm, surged nearly 4 percent on Monday after the company approved the appointment of shareholder Nawaz Shekhar Sharma serves as the organization’s managing director and CEO. the. The decision to reappoint Vijay Shekhar Sharma as CEO and CEO of Paytm was supported by 99.67% of shareholders who voted at the company’s annual general meeting, fintech company One 97 Communications Ltd announced on August 21.
Shares of Paytm are up 3.65% today at Rs 800.05 from the previous closing price of Rs 771.85 on BSE. Paytm shares traded above the 20-, 50- and 100-day moving averages but below the 5- and 200-day moving averages. However, in 2022, the stock lost 41.2% but gained 5.64% in a month.
The market capitalization of Paytm on BSE has reached Rs 50,904 crore. A total of 10.5 million shares of the company were sold with a turnover of Rs 8.33 crore.