New Delhi: Vijay Shekhar Sharma has been reappointed as the Managing Director and Chief Executive Officer of Paytm as 99.67 per cent shareholders voted in his favour. One97 Communications Limited (OCL) which owns India’s leading digital payments and financial services company and Paytm, a leading brand of QR and mobile payments, recently held its 22nd Annual General Meeting (AGM) as the first publicly listed company. bar held.
The shareholders of the company have voted with a 99.67 per cent majority in favor of the reappointment of Vijay Shekhar Sharma as the Managing Director for five more years, designated as the “Managing Director and Chief Executive Officer” of the company. “A nearly 100 per cent overwhelming vote in favor of his reappointment reflects investor confidence in the company’s leadership and also shows that they are confident about the company’s growth and profitability target,” an official statement said.
Earlier in May 2022, the Board of Directors of OCL had approved the reappointment of Sharma as Managing Director. Additionally, SEBI, in February 2022, made it voluntary for India Inc to have a separate Chairman and Managing Director/Chief Executive Officer.
In most of the Nifty 50 companies, the appointment of Managing Director is done on a non-rotating basis. Sharma’s proposal for remuneration got 94.48 percent votes.