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    Paytm shareholders give nod to Vijay Shekhar Sharma's reappointment

    Paytm shareholders give nod to Vijay Shekhar Sharma's reappointment

    Paytm shareholders give nod to Vijay Shekhar Sharma's reappointment
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    By CNBCTV18.com  IST (Published)

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    Paytm shareholders approved the reappointment of Vijay Shekhar Sharma as CEO and Managing Director at the company's 22nd AGM on Sunday. Sharma's remuneration is fixed for the next three years, the company said.

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    Buy / Sell One 97 Paytm share

    Paytm shareholders approved the reappointment of Vijay Shekhar Sharma as CEO and Managing Director at the company's 22nd annual general meeting on Sunday. The resolution to reappoint Sharma saw support of 99.67 percent of shareholders, One97 Communications — the parent of digital payments firm Paytm — said in a regulatory filing.
    Paytm said Sharma's remuneration is "fixed for the next three years without any annual increment, unlike the policy/practice applicable to all other employees of the company".
    Shareholders also approved the remuneration of both Sharma, and Paytm President and Group CFO Madhur Deora. A total of 94.48 percent of shareholders voted in favour of Sharma's remuneration and 94.53 percent for Deora's.
    Proxy advisory firm IiAS had recommended against the reappointment of Sharma and several other resolutions that were part of the agenda of the August 21 AGM.
    According to IiAS, several commitments made by Sharma made in the past have not played out.
    It had also recommended against approving the remunerations of both executives, saying they are already higher than that of the CEOs of S&P and Sensex companies, most of which are profitable.
    Paytm said in a statement that the resounding votes of almost 100 percent in favour of Sharma's reappointment reflects investors’ faith in its leadership, and shows their confidence in the company’s growth and profitability targets.
    “We are thankful to our shareholders 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," Paytm spokesperson said.
    The company also said that under Sharma’s leadership, it has established itself as the pioneer of QR payments and the market leader in digital payments, and has constantly innovated in payments and digital financial services.
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