Shares of One 97 Communications, the parent entity that owns Paytm, surged over 6 per cent on Monday after company’s shareholders reappointed Vijay Shekhar Sharma as managing director (MD) and chief executive officer (CEO) of the fintech firm.
Vijay Shekhar Sharma's appointment was backed by 99.67 per cent of shareholders who voted at the company's annual general meeting (AGM), said.
Investors advisory firm IiAS had recommended against the reappointment of Sharma and several other resolutions that were part of the agenda of the 22nd Annual General Meeting held on Friday.
IiAS had said Sharma made several commitments in the past to make the company profitable, however, these have not played out.
As many as 99.48 percent voters backed in favour of Sharma's remuneration, Paytm's said in regulatory filing.
A total of seven resolutions were passed at the 22nd AGM of Paytm, held on August 19. These include:
To receive, consider and adopt the audited standalone and consolidated financial statements of the company for the financial year ended March 31, 2022, together with the reports of the board of directors and auditors thereon.
To appoint a director in place of Ravi Chandra Adusumalli, who retires by rotation and being eligible offers himself for re-appointment.
To approve re-appointment of Vijay Shekhar Sharma as managing director designated as "managing director and chief executive officer" of the company.
To approve payment of remuneration of . Vijay Shekhar Sharma, managing director and chief executive officer of the company.
To approve appointment of Madhur Deora, as whole-time director designated as "executive director, president and group chief financial officer" of the company.
To approve remuneration of Madhur Deora, whole-time director designated as "executive director, president and group chief financial officer" of the company.
To approve contribution to charitable and other funds.
At 15.15 pm, the stock traded at Rs 777.95 apiece on the BSE, up 6.10 per cent.