99.67% shareholders vote in favor

Vijay Shekhar Sharma has been reappointed managing director (MD) and chief executive officer (CEO) on Sunday, of the parent company of digital payments app Paytm. Around 99.67 per cent of shareholders voted in favour of Sharma’s reappointment, said One97 Communications Ltd, the fintech’s parent firm.

“Thank you to our shareholders for a heartening response to our first AGM as a listed company. With overwhelming support, our MD & CEO Vijay Shekhar Sharma will continue to lead and guide us. All resolutions from our 22nd AGM have been duly passed.”, the company posted on Twitter.

In a statement, the company said that the overwhelming support for Sharma’s reappointment “reflects investors’ faith” in the management. The vote additionally displays investors’ faith in Paytm’s “growth and profitability target,” it was stated.

At Paytm’s 22nd Annual General Meeting on August 19, a total of seven motions were approved. These included extending Madhur Deora’s position as the company’s chief financial officer for another three fiscal years and keeping Ravi Adsumalli on the board of directors.

A 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.”

Paytm has established itself as the pioneer in QR payments. It is the market leader in digital payments, constantly innovating in payments and digital financial services.