Updated: Aug 28, 2022
By Yeshaswine Tamarakolanu
Shareholders of Paytm were advised to vote against Vijay Shekhar Sharma's reappointment as CEO. According to a report, the company should consider professionalizing management. IiAS is an independent advisory firm that provides participants in the Indian market with independent opinions, research, and data on corporate governance, as well as voting recommendations on a company's governance.
One of the main reasons that the IIAS opposed Sharma's reappointment was his compensation. Vijay Shekhar Sharma received Rs. 6 crores as fixed pay, but he also receives Rs. 790 crores in stock grants per year for the next five years, totaling around Rs. 4000 crores, according to sources.
According to the IIAS report, Vijay Shekhar Sharma has said for years that Paytm would become profitable, but the company remains far from there.