Digital payment company Paytm on Saturday announced that the firm had re appointed its founder Vijay Shekhar Sharma as managing director and chief executive officer till May 2027, thereby extending this tenure by five years. In a filing with the BSE on Saturday, May 21, One97 Communications, the parent company of PayTm announced that the company’s board at a meeting a day back had approved the reappointment of Sharma.
“We wish to inform you that based on the recommendations of the Nomination and Remuneration Committee and subject to the approval of Shareholders, the Board of Directors of the Company (“Board”), at their meeting held on May 20, 2022, have considered and approved re-appointment of Mr. Vijay Shekhar Sharma (DIN: 00466521) as “Managing Director & Chief Executive Officer” of the Company for a tenure of 5 years effective from December 19, 2022 to December 18, 2027,” PayTm said in the regulatory filing.
Additional director Madhur Deora was also appointed as a whole time director, PayTm said in the filing, adding that he has retained his position as the chief financial officer of the company. It said that the board had approved the “Appointment of Mr. Madhur Deora (DIN: 07720350), Chief Financial Officer of the Company as an Additional Director w.e.f. May 20, 2022. Further, the Board has also approved the appointment of Mr. Madhur Deora as Whole-time director designated as “Whole-time Director and Chief Financial Officer” of the Company for a tenure of 5 years effective from May 20, 2022 to May 19, 2027.”
“Vijay Shekhar Sharma is an Indian technology entrepreneur who has played an instrumental role in revolutionizing the digital payments and financial
services landscape in India as the Chairman, Managing Director and CEO of One97 Communications and its consumer brand Paytm. Under his guidance, Paytm is on a mission to bring half a billion Indians into the mainstream economy,” PayTm said.
Sharma has featured in ‘2017 Time 100’, the list of ‘hundred most influential people in the world’ by Time magazine. Vijay has also been won multiple industry honours such as the ‘Entrepreneur of the Year’ award in 2018 by All India Management Association, ‘Entrepreneur of the Year’ at ET Awards for Corporate Excellence’ in 2016 and ‘GQ Man of the Year’ in 2016.
The move comes a day after PayTm declared its results for the period ended March 31 this year, and reported widening of its consolidated loss to Rs 761.4 crore on account of rise in payment processing charges and employees benefit expenses. The company had posted a loss of Rs 441.8 crore in the same period a year ago.
The company’s EBITDA loss (before ESOP) for FY’22 saw an improvement of 8 per cent year-on-year to Rs 1,518 crore from Rs 1,655 crore the previous year. In addition, the company had Rs 809 crore of non-cash ESOP expenses,” it added. The revenue from operations of One97 Communications (OCL), however, jumped by about 89 per cent to Rs 1,540.9 crore during the quarter from Rs 815.3 crore in the year-ago period, PayTm said.
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