At the company’s annual general meeting (AGM), Vijay Shekhar Sharma, the founder and CEO of Paytm, will face a vote of confidence from shareholders to decide if he will keep leading the company.
The action was taken in response to Institutional Investor Advisory Services India Limited (IiAS) last week objecting to Sharma’s reappointment as Paytm CEO. IiAS cited Sharma’s unfulfilled pledges. “Vijay Shekhar Sharma has previously made several commitments to make the company profitable, but these have not been fulfilled,” according to IiAS. The consultancy firm also recommended that the board of directors of the fintech take professionalising management into consideration. Following IiAS, Stakeholders Empowerment Services (SES) and InGovern Research Services also voiced their opposition to Paytm’s decision to re-appoint Sharma as CEO.