The role of Vijay Shekhar Sharma as chief executive officer will be among the issues to be voted upon at the company’s annual general meeting.
Image: Jagran Josh
Paytm's billionaire founder - Vijay Shekhar Sharma will face a critical test of investor confidence on Friday.
Shareholders will decide if they want him to lead a fintech pioneer that had one of the worst debuts of Indian history.
The role of Vijay Shekhar Sharma as chief executive officer will be among the issues to be voted at the company’s annual general meeting, which was held virtually this afternoon.
Last week, a proxy advisory firm recommended that shareholders replace Vijay Shekhar Sharma as CEO due to concerns over his ability to reverse losses at the payments provider.
Paytm, India's most prominent tech startup, has seen its stock drop by more than 60% since November's high-profile initial public offering. This is because it has failed to convince investors about its earnings potential.
Sharma, 44, stated that Paytm will be India's first internet company with $1 billion in annual revenues. He also promised a shift to profitability and growth.
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Vijay Sharma's reappointment should be opposed by shareholders, Institutional Investor Advisory Services India Ltd. stated last week.
Sharma spoke publicly about turning the company profitable before it was listed. However, this has not happened at the operational level, according to the firm.
Paytm is listed on the bourses under One 97 Communications Ltd in the Indian Stock Exchange, It was Popular during its IPO Days.
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