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Vijay Shekhar Sharma reappointed as Paytm Managing Director and Chief Executive Officer

The company said in an official statement that the resounding votes of almost 100 per cent in favor of his reappointment reflected investors’ faith in the company’s leadership and also showed that they were confident about the company’s growth and profitability target.

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Vijay Shekhar Sharma

India’s leading payments service, Paytm, has reappointed Vijay Shekhar Sharma as its Managing Director and Chief Executive Officer. Its 99.67 per cent shareholders voted in favor of him.

The company said in an official statement that the resounding votes of almost 100 per cent in favor of his reappointment reflected investors’ faith in the company’s leadership and also showed that they were confident about the company’s growth and profitability target.

The digital payment company thanked the shareholders for a heartening response to its first AGM as a listed company. It said with overwhelming support, their MD & CEO Vijay Shekhar Sharma will continue to lead and guide us. All resolutions from our 22nd AGM have been duly passed.

Paytm spokesperson said that they were thankful to their shareholders for their unwavering support and faith in the leadership. They were committed to building a large, profitable company and creating long-term shareholder value, while driving financial inclusion in the country.

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He said that Vijay’s remuneration received 94.48% votes in favour of the resolution. His remuneration was fixed for the next three years without any annual increment, unlike the policy/practice applicable to all other employees of their company. Furthermore, in his letter to shareholders dated April 6, 2022, Vijay had informed the public that his ESOPs will vest only when the market cap crosses the IPO level on a sustained basis. The ESOPs were already approved by the shareholders in compliance with applicable laws and with all necessary approvals before the IPO was looked at.

According to an official statement, at the AGM, shareholders also endorsed resolutions for reappointment of Ravi Chandra Adusumalli to the Board and appointment of Madhur Deora as Whole-time Director designated as Executive Director, President and Group Chief Financial Officer of Paytm along with his remuneration. The shareholders also approved their contribution to Charitable and other Funds, and the receipt, consideration and adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2022.

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Nykaa CFO Arvind Agarwal resigns

Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020.

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Arvind Agarwal

Nykaa chief financial officer Arvind Agarwal resigned from his position on Tuesday. The fashion and beauty e-commerce platform announced his resignation.

In a BSE filing, Nykaa informed that Agarwal will be leaving the Company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy and start-up space.

Nykaa’s founder Falguni Nayar hailed Agarwal for the crucial role he played in the company’s emergence as a listed and profitable start-up. Nayar said the company is conscious of Agarwal’s personal dreams and wishes him all the luck.

Upon his resignation, Agarwal said his journey in Nykaa has been incredible so far and all his learning and experiences have set them up for pursuing different personal growth opportunities in the field. He further wished Nykaa good luck for the growth path ahead.

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Arvind Agarwal earlier worked with Amazon and joined Nykaa in July 2020. He was among the key managerial personnel and handled the initial public offer of the firm. Before Amazon, Agarwal worked with Vodafone India for more than 5 years. He had also worked with YOU Telecom, Adani Port, and Tata Teleservices.

Reports said Agarwal paid a total remuneration of Rs 19.58 million during the financial year 2021.

Apart from Nykaa, food delivery application Zomato also saw the resignation of its co-founder Mohit Gupta after 5 years of association with the company.

Gupta, in a message, stated that he decided to move on from Zomato to seek other unknown adventures. He also hailed Deepinder Goyal as he has become a more mature and confident leader who is capable of leading the business into a bright future.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

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Jeff Bezos warns of recession, advises people to refrain from buying TV, fridge, cars during holiday season

In light of the possibility of a global recession, Amazon founder Jeff Bezos advised consumers to refrain from making significant purchases during the holiday season. Given the state of the economy, he urged people to keep their money safe and refrain from irrational spending in the upcoming months.

The business tycoon said American families should avoid purchasing big-ticket items such as new cars, TVs, automobiles, and refrigerators as the US is staring at a recession. He said American household debt has reached a record high of $16.5 trillion, and people are switching to credit to get their ends meet.

The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favour of increasing their cash reserves.

Bezos said Take some risk off the table, adding, Keep some dry powder on hand. Just a little bit of risk reduction could make the difference for that small business if we do get into even more serious economic problems. You’ve got to play the probabilities a little bit.

He said things are slowing down and many sectors of the economy are seeing layoffs, and this is why you should hold onto your money.

Meanwhile, the founder of Amazon stated in the same interview that he will contribute the majority of his $124 billion income to charitable organizations in order to combat climate change and to help those who can bring mankind together in the face of escalating social and political conflicts.

Bezos did not say how much of his money he intended to donate. But he said, Yeah, I do, in response to the question of whether he will donate a significant percentage of his wealth to charity.

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Twitter hit with mass resignations ahead of Elon Musk’s hardcore ultimatum

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

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Elon Musk

Twitter has been in a state of chaos ever since Elon Musk took over the microblogging platform last month. Hundreds of employees resigned on Thursday, ahead of the billionaire’s ultimatum to the company’s surviving employees, in yet another sign of turmoil at the company.

The move came after Elon Musk gave an ultimatum to employees to either agree to his extremely hardcore way of working or quit the company. Employees sent an email to all the surviving employees outlining Twitter 2.0, which means long hours and high intensity. The employees were required to click yes by 5 pm ET (3:30 am IST) today if they confirmed being part of this company or could resign.

Most US workers who choose no will be compensated for two months’ benefits-covered pay and one month’s severance pay if they agree to a future separation agreement.

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Soon after, mass resignations hit Twitter as a large number of employees decided to leave. In view of this, the company temporarily shut down offices to avoid confusion over who still had access to company property.

After widespread layoffs that took place soon after Musk took over the firm and fired more than half of Twitter’s workforce, only about 3,000 employees were left.

One of the employees shared a heartfelt post on Twitter after his resignation. He wrote And just like that, after 12 years, I have left Twitter. I have nothing but love for all my fellow tweeps, past and present. A thousand faces and a thousand scenes are flashing through my mind right now – I love you Twitter, and I’ll forever bleed blue.

So far, Musk has told employees to prepare for 80-hour weeks, no free food, and made several changes to the company’s work-from-home policy.

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