Paytm founder, Vijay Shekhar Sharma reappoints as company's MD and CEO for 5 more years

The company's shareholders have voted with a 99.67 per cent majority in favour of Vijay Shekhar Sharma's reappointment as the Managing Director for another 5 years.

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New Delhi: Vijay Shekhar Sharma has been reappointed as Paytm Managing Director and Chief Executive Officer as 99.67 per cent of shareholders voted in favour of him. One97 Communications Limited (OCL) which owns the brand Paytm, India's leading digital payments and financial services company and the pioneer of QR and mobile payments, recently held its 22nd Annual General Meeting (AGM) the first as a public listed company.

The company's shareholders have voted with a 99.67 per cent majority in favour of Vijay Shekhar Sharma's reappointment as the Managing Director for five more years, designated as "Managing Director and Chief Executive Officer" of the company. "The resounding votes of almost 100 per cent in favour of his reappointment reflects investors' faith in the company's leadership and also shows that they remain confident about the company's growth and profitability target," an official statment said.

Earlier in May 2022, OCL's Board of Directors approved the reappointment of Sharma as Managing Director. Additionally, SEBI, in February 2022, had made it voluntary for India Inc to have a separate Chairperson and Managing Director/Chief Executive Officer.

In most Nifty 50 companies, the Managing Director is appointed on a non-rotational basis. The resolution for Sharma's remuneration received 94.48 per cent of votes in favour.