The shareholders of One97 Communications have approved the reappointment of Paytm founder Vijay Shekhar Sharma as the managing director and chief executive officer of the firm.

Paytm said that 94 per cent of votes cast in favour of the seven resolutions had been passed. As part of this, Sharma was remunerated for the next three financial years, Madhur Deora was reassigned as president, CEO, and director of the company, the reappointment of Elevation Capital's as co-managing partner, and the company is directed by Ravi Adusumalli.

According to the latest developments, three proxy advisory firms—Institutional Investor Advisory Services India, InGovern, and Stakeholders Empowerment Services—urged shareholders to vote against Sharma's reappointment. 

In the past, Vijay Shekhar Sharma has been promising to uplift the company, but the promises have not been fulfilled. A note to shareholders from IIAS urged the board to consider professionalising the management. 

Paytm conducted its first annual general meeting on 19 August, in which Sharma reiterated his decision not to vest his employee stock options until the share price of the company crossed the IPO price. 

On the first anniversary of Paytm becoming a listed company, which was held virtually, he announced the company would become operationally profitable till September next year. 

A share of Paytm closed at Rs 771.85 on Friday, down 1.86 per cent from its previous close and 64 per cent less than its IPO price of Rs 2,150 in November 2021. In spite of that, the prices have risen over 50 per cent since 12 May when they hit a low of Rs 511.