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Vijay Shekhar Sharma reappointed as Paytm’s MD and CEO

His reappointment as the Managing Director received 99.67% majority votes in favour of the resolution

Vijay Shekhar Sharma

Paytm’s shareholders have voted with 99.67% 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.

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The company recently held its 22nd annual general meeting, the first as a public listed company.

Earlier in May 2022, the company’s Board of Directors approved the re-appointment 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% votes in favour. His remuneration is fixed for the next three years without any annual increment, unlike the policy/practice applicable to all other employees of the company. Furthermore, in his letter to shareholders dated April 6, 2022, Sharma informed the public that his ESOPs will vest only when the market cap crosses the IPO level on a sustained basis. The ESOPs were already approved by the shareholders in compliance with applicable laws and with all necessary approvals before the IPO was looked at. 

During the AGM, the shareholders also duly passed the resolutions for reappointment of Ravi Chandra Adusumalli to the Board, the appointment of Madhur Deora as Whole-time Director designated as Executive Director, President and Group Chief Financial Officer of the company along with his remuneration, and approval of contribution to Charitable and other Funds and the receipt, consideration and adoption of the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2022.

Deora’s appointment received 99.82% votes in favour, while the resolution for his remuneration received 94.53% votes in favour. Deora joined the company in 2016.

Paytm spokesperson said, “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.”

In a letter to shareholders dated April 6, 2022, Sharma said that Paytm should be operating EBITDA breakeven in the next six quarters (i.e. EBITDA before ESOP cost, and by the quarter ending September 2023).

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