Three proxy advisory corporations red-flag Paytm

After Institutional Investor Advisory Services India (IiAS), 2 extra proxy advisory corporations have suggested shareholders to vote towards the resolutions of One97 Communications, the guardian firm Paytm, together with reappointment of Vijay Shekhar Sharma as MD.

The newest to hitch is proxy advisory agency Stakeholders Empowerment Services (SES), which, amongst others, has red-flagged the corporate’s decision to approve his appointment and remuneration. SES cited “dual position of CMD and excessive remuneration” as causes to disagree with the 2 resolutions. In its AGM discover, One 97 Communications had sought shareholders’ approvals to reappoint Sharma as 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.

Paytm’s inventory fell 4.82 per cent on Friday. InGovern can be opposing the reappointment of Sharma. “The main issue is that Sharma is not liable to retire by rotation as director…,” Shriram Subramanian, founder and MD, InGovern Research Services, stated.  FE