Paytm founder wins resounding vote to stay in charge

Vijay Shekhar Sharma, the founder of Paytm, passed a crucial test with the shareholders wholeheartedly voting in favour of a resolution seeking his reappointment as the managing director and CEO.

Shareholders of One97 Communications (OCL) also supported another resolution on his remuneration.

These resolutions were put to vote at its annual general meeting (AGM) last Friday.

The AGM was significant for Sharma as three proxy advisory firms had recommended that shareholders vote against the proposals. The development may lead to a rally in OCL shares when the markets resume trading on Monday.