Vijay Shekhar Sharma, the founder and CEO of Paytm, is set to face a vote of confidence from investors to determine whether he will continue to lead the company during the company’s annual general meeting (AGM).
The move comes after the advisory firm Institutional Investor Advisory Services India Limited (IiAS) expressed opposition to Sharma’s reappointment as Paytm CEO last week. Sharma’s unfulfilled commitments were cited by IiAS. “Vijay Shekhar Sharma has previously made several commitments to make the company profitable, but these have not been fulfilled,” IiAS added. The advisory firm also stated that the fintech’s board of directors should consider professionalising management. After IiAS, two more advisory firms, Stakeholders Empowerment Services (SES) and InGovern Research Services opposed Paytm’s move to reappoint Sharma as the CEO.