IIAS has also advised against voting for the reappointment of Ravi Chandra Adusumalli as director.
The AGM of One97 Communications (Paytm’s parent) will be held on August 19. Besides the appointment of Sharma and Adusumalli, shareholders will vote on the adoption of financial statements, appointment of Madhur Deora as whole-time director designated as executive director, president & group chief financial officer for five years and on his remuneration. There is also a resolution to approve contributions to charitable trusts and other funds of up to Rs 10 crore per annum for three years.
The payments company did not respond to a query till the time of going to press.
IIAS is understood to have called for professional management to be appointed by the board. The recommendation comes even as shares of Paytm staged a recovery in the equity markets in recent weeks with the share price recovering from an all-time low of Rs 511 in May to Rs 826 on Thursday. The payments giant, whose IPO was the largest after Life Insurance Corporation, saw the share price being hammered in the crash of startup stocks.
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