The fate of Vijay Shekhar Sharma, the founder of Paytm, a digital payment service provider, is going to be decided today. Shareholders are going to decide on many issues through voting at the company's AGM on Friday. There is also an issue of this whether Vijay Shekhar Sharma will continue his work as the CEO of the company or not. It is being said that the shareholders of the company can remove Vijay Shekhar Sharma from the post and hand over this responsibility to a new person. Let us inform you that in the past, a proxy advisory firm had advised Sharma to be removed from the post for not being able to profit from the loss of the payment service provider company.
Paytm became a nightmare for investors
The IPO of Paytm, which has a strong identity as a tech startup in India, turned out to be a nightmare for investors. Investors have suffered losses of up to 60 percent since the issuance of the IPO. Paytm's IPO was the biggest in the country. People invested money by trusting it, but the company could not live up to the trust of the investors. Last month, the company's founder and CEO Vijay Shekhar Sharma, 44, said that Paytm would become the first company in India to generate $1 billion in annual revenue. He had said that gradually the company will start moving towards profit. Before the listing of the company, Sharma claimed many times that the company is turning profitable, but his claim has not been true till now.
These companies have made a big investment in Paytm
According to media reports, Antfin Netherlands Holding BV., SoftBank Group Corporation, and Canada Pension Plan Investment Board have made major investments in Paytm (One 97 Communications Ltd.). It is worth noting here that out of a dozen analysts tracking Paytm's stock, 6 have given a buy rating to its stock, while 3 have given it hold and only 3 have a sell it.
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