Paytm founder Vijay Shekhar Sharma to take home Rs 3 Cr in remuneration in FY20
Paytm founder Vijay Shekhar Sharma will take home a remuneration of Rs 3 crore this fiscal, as per regulatory filings.
The proposal pertaining to Sharma's remuneration was approved by members of One97 Communications Ltd at their Annual General Meeting on September 30, 2019, filings with the Corporate Affairs Ministry showed.
"...consent...is hereby accorded to approve the remuneration to be paid to Mr Vijay Shekhar Sharma, Managing Director of the Company for the financial year 2019-20, as recommended by the Board and Nomination and Remuneration Committee at their meetings held on September 4, 2019...," it added.
Apart from the Rs 3 crore remuneration, Sharma will also be entitled to perquisites that include vehicles, fuel expenses, accomodation, travel expenses, amongst others.
Vijay Shekhar Sharma, Founder of Paytm
However, the filing did not say if the compensation for ecommerce and payments bank is included. The remuneration for Sharma stood at a similar level in the last fiscal.
The company did not respond to queries.
The members also passed - via a special resolution - a proposal to expand the existing ESOP (employees stock option plan) pool to 21.66 lakh equity options of Rs 10 each from 19.23 lakh.
The Paytm founder recently said he expects Paytm Mall, the company's ecommerce unit, to break even in a year's time. Sharma maintained that Paytm will consider getting listed on stock exchanges only after 2021 when the financial services company starts generating cash.
"Paytm Mall business is close to break-even, $3 million EBIDTA loss a month and $1.2 billion-1.3 billion run rate. In a day, we do 275,000-300,000 orders a day. In festive season, this peaks to half a million orders a day, double of the average day," Sharma told PTI on the sidelines of the India Mobile Congress 2019.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Megha Reddy)