Majority shareholders of One 97 Communication — the parent company of digital payments app Paytm — on Friday “reposed their faith in the company’s leadership,” sources said.
Paytm held its 22nd annual general meeting (AGM), the first such meeting after it became a listed company in 2021.
The meeting had received prominence after three domestic proxy firms opposed the proposal to reappoint Vijay Shekhar Sharma as chief executive officer (CEO) of Paytm for the next five years.
However, the company has not provided any details about the shareholders’ mandate and discussions in the meeting.
The advisory firms: Institutional Investor Advisory Services (IiAS), Stakeholders Empowerment Services (SES), and InGovern Research Services had also opposed the remuneration decided for the position.
At Friday’s meeting, “Some shareholders asked questions about the company’s share price, but most acknowledged that Paytm achieved phenomenal growth in the past few quarters,” the sources said.
They added that several shareholders also asked questions about the company’s achievements and roadmap.
The sources added, “The shareholders also noted Paytm’s immense popularity in India, driven by its innovative technology solutions, which have become an integral part of the lives of millions. The shareholders also extended support to the company’s business model and vision, saying Paytm has reached every heart, every house in India.”
Sharma spoke about the company’s performance in the last year and how it continues to innovate and serve millions of consumers and merchants as the pioneer of digital and QR payments.