Paytm’s Vijay Sharma Got “Resounding Vote” From Shareholders To Stay

In a vital test of investor trust, the billionaire founder of Paytm passed unharmed after a strong majority of shareholders voted to keep him in charge of the fintech innovator that had one of the worst market debuts in Indian history.

Among the matters deliberated upon during the company’s annual general meeting, Vijay Shekhar Sharma’s retention as managing director and CEO received a resounding 99.67% of the vote from shareholders. Last Monday, a proxy advice firm advised shareholders to remove the founder from his positions as managing director and CEO, expressing doubts about his capacity to stop losses at the payments provider.

As managing director and CEO, Mr. Sharma received a “resounding vote of confidence” from shareholders, the business stated in a press release and exchange filing on Sunday. Each of the seven resolutions, including the one outlining Mr. Sharma’s compensation, received at least 94% of the votes necessary to approve.

Since its high-profile initial public offering in November, Paytm, the face of India’s internet companies, has lost more than 60% of its value as it has had difficulty persuading investors of its profitability potential. In a recent interview, Mr. Sharma, 44, stated that Paytm is on track to surpass $1 billion in annual revenue, becoming India’s first online company to do so. He also promised a change away from expansion toward profitability.

Additionally, shareholders accepted Madhur Deora’s appointment as a full-time director and group chief financial officer. The proxy adviser had advised against Ravi Adusumalli’s reappointment to the board.

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