According to a Reuters report, Institutional Investor Advisory Services has said it opposes the reappointment of Vijay Shekhar Sharma as CEO and managing director of Paytm at the annual general meeting (AGM) next week.
In a report, the advisory firm said that Mr. Sharma ‘has made several commitments in the past to make the company profitable, however these have not played out. We believe the board must consider professionalizing the management.’
It also raised concerns pertaining to Mr. Sharma’s high remuneration.
Paytm told investors on Thursday that the new stringent guidelines by the RBI on digital lending apps could impact its buy-now-pay-later business.
One97 Communications, which operates Paytm saw a massive jump in revenue from operations in the last quarter, driven by its payments, device subscriptions, and lending businesses.
Paytm’s shares dropped 6.2 per cent on Friday, but revived later in the day over the developments.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
