We recently concluded our 22nd Annual General Meeting on August 19, 2022, where our shareholders have passed all the resolutions sent out in the notice with majority votes in favour.
“We are thankful to our shareholders for their unwavering support and faith in our leadership. We remain committed to building a large, profitable company and creating long-term shareholder value, while driving financial inclusion in the country.”
We are pleased to inform that our shareholders voted with 99.6% majority for Vijay Shekhar Sharma’s reappointment as the Managing Director, designated as “Managing Director and Chief Executive Officer”. With this, Vijay will continue to lead and guide us.
The overwhelming support of the shareholders with almost 100% votes in favour of Vijay’s appointment is a reflection of our investors’ faith in his leadership and also shows their confidence in our growth and profitability target. His reappointment as the MD & CEO was also approved by OCL’s Board of Directors in May 2022.
SEBI, in February 2022, had made it voluntary for India Inc. to have a separate Chairperson and Managing Director/Chief Executive Officer. In most Nifty 50 companies, the Managing Director is appointed on a non-rotational basis.
We would also like to share that Vijay’s remuneration received 94.48% votes in favour of the resolution. His remuneration is fixed for the next three years without any annual increment, unlike the policy/practice applicable to all other employees of our company. Furthermore, in his letter to shareholders dated April 6, 2022, Vijay had informed the public that his ESOPs will vest only when the market cap crosses the IPO level on a sustained basis. The ESOPs were already approved by the shareholders in compliance with applicable laws and with all necessary approvals before the IPO was looked at.
At the AGM, shareholders also endorsed resolutions for reappointment of Mr. Ravi Chandra Adusumalli to the Board and appointment of Mr. Madhur Deora as Whole-time Director designated as Executive Director, President and Group Chief Financial Officer of Paytm along with his remuneration. The shareholders also approved our contribution to Charitable and other Funds, and the receipt, consideration and adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2022.
As the pioneer of mobile and QR payments, we have emerged as a market leader in digital payments with our technology-led innovations in payments and digital financial services under Vijay’s leadership.
Encouraged by our business momentum, scale of monetization and operating leverage, we remain committed to our aim of being operating EBITDA breakeven in next 6 quarters (i.e. EBITDA before ESOP cost, and by the quarter ending September 2023).
We once again thank all shareholders for their support in our journey.