Founder Vijay Shekhar Sharma passes the floor test by 100% Votes.
About 99.7 percent from the owners of Paytm's subsidiary company, One97 Communications, have voted in favor of the resolution to re-appoint Vijay Shekhar Sharma as MD & CEO of One97.
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The shareholders also agreed to his remuneration.
Other resolutions, like that of the reigning appointment to Ravi Chandra and Madhur Deora to the board are also passed with a majority of the votes.
Three firms offering proxy advisory services had advised shareholders not to vote on resolutions that sought to nominate directors.
These companies were Institutional Investor Advisory Services, Stakeholder Empowerment Services and InGovern Research.
The announcements came in aftermath of dropping 64% of the price of Paytm's shares compared to the IPO price during the meltdown of startup stocks in the beginning of this year.
Large institutional investors typically rely on the help of advisory firms to determine what to do with shareholder resolutions for companies in which they hold an investment.
Sharma has been consistent in his statements that, even though the company can't influence the price of shares but the company is running on its expected tracks and well on the way to profitable growth.
"Business is growing and we're well on our way to be profitable. The costs of acquisition and marketing have decreased substantially. The business plan we follow is straightforward" Said Paytm CEO.
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"We make use of the payment service to gain customers and use the reach of the Paytm application to expand and expand our network of merchants.
Our customer base of 75 million users who transact permits us to use an efficient collection and distribution model which is not feasible for other lenders due to the current rates of return."
The company has refuted allegations made by advisory firms. It claimed that Adusumalli had appointed Vivek Mathur, an operating partner of Elevation Capital, to attend meetings on short notice.