Shareholders of One97 Communications, which operates the financial services platform Paytm, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company.
Shareholders of the company at the annual general meeting held on Friday, 19 August 2022, passed all seven resolutions passed by the Paytm board. These include the reinstatement of Madhur Deora as the executive director, president and group chief financial officer, the inclusion of Elevation Capital's founder and co-managing partner, Ravi Chandra Adusumalli, as a board member, and the decision on Sharma's and Deora's remunerations were approved by the shareholders.Reappointments of Sharma and Deora received approval from 99.67% and 99.82% of the voting shareholders, respectively.
Paytm is India's payment super app offering consumers and merchants a comprehensive payment services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.
One97 Communications' consolidated loss widened to Rs 644.40 crore in Q1 June 2022 from net loss of Rs 380.20 crore a year ago. Revenue surged 89% to Rs 1,680 crore in Q1 June 2022 over Q1 June 2021.
Shares of One97 Communications fell 1.86% to Rs 771.85 on 19 August 2022.
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