Vijay Shekhar Sharma will remain as managing director and chief executive officer for an additional five years of One97 Communications Limited, the business that owns the Paytm brand. It was decided in a recently concluded 22nd Annual General Meeting on August 19, 2022, where shareholders have passed all the resolutions set out in the notice with majority votes in his favour. Paytm has lost more than 60% of its value since its high-profile IPO in November, as it has struggled to impress investors with its profits potential.

Paytm stated in a statement that during the company’s 22nd annual general meeting, shareholders voted 99.67% in favor of Vijay Shekhar Sharma’s reappointment as managing director and CEO. His reappointment as the MD & CEO was also approved by OCL’s Board of Directors in May 2022.

“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,” quoted as saying in the company statement.

Sharma addressed the shareholders at the annual general meeting that although the parent company One97 has no control over the stock’s trading price but the management is working to turn the company profitable.

Vijay Shekhar Sharma informed shareholders that “Share price movement is not influenced by us. There are several factors. A company’s profitability plays a very important factor in it. Company’s growth plays an important role in it but these two are not the only factor for share price,”