Shareholders of One97 Communications, the guardian firm of Paytm, have voted to reappoint Vijay Shekhar Sharma because the managing director of the corporate. Of the entire votes polled, 99.67 per cent had been in favour of the decision to reappoint Sharma, in accordance with the scrutiniser report filed by the agency on Sunday.
Institutional buyers additionally supported the decision with 94.69 per cent of their votes solid.
Three proxy advisory companies — Stakeholders Empowerment Services (SES), Institutional Investor Advisory Services India (IiAS) and InGovern Research Services — had requested the shareholders to vote in opposition to Sharma’s reappointment.
Shareholders additionally cleared Sharma’s remuneration as 94.48 per cent of the votes in favour of the decision. However, institutional shareholders had been largely not in favour as 75.60 per cent of their votes went in opposition to the decision.
“His (Sharma) remuneration is fixed for the next three years without any annual increment, unlike the policy/practice applicable to all other employees of the company,” Paytm mentioned in a press release.
In a letter to shareholders dated April 6, 2022, Sharma had mentioned his ESOPs will vest solely when the market cap of Paytm crosses the IPO stage on a sustained foundation. The Paytm inventory closed Friday’s buying and selling session at Rs 771 apiece in opposition to the IPO value of Rs 2,150 per share.
According to an replace by the corporate on Saturday, all of the seven resolutions mooted by the corporate had been handed.
The firm held its annual common assembly (AGM) final Friday.
One97 Communications (OCL) had sought shareholders’ approvals to reappoint Sharma because the managing director (designated as managing director and CEO) for 5 years from December 19, 2022, and wage fee as ‘minimum remuneration’ for 3 years from FY23.
SES had red-flagged Sharma’s reappointment and remuneration, citing “dual position of CMD and excessive remuneration”. FE
