Paytm proposes to cap Impartial Administrators’ remuneration 

One 97 Communications, which owns model Paytm, proposes to cap the remuneration of its non-executive unbiased administrators as a part of efforts to save lots of prices amid widening losses.

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This fintech main’s unbiased board members will earn a most annual compensation of ₹ 48 lakh, with fastened element of ₹ 20 lakh, so long as the corporate stays in losses. The variable element can be linked to attendance on the conferences and Chairpersonship/Membership positions held within the varied committee(s) of the Board, to make sure good governance. This payout construction can be in power for 3 years starting April 1, 2024.

The corporate has give you a brand new remuneration framework for such administrators and this can be put to shareholders vote for approval (through peculiar decision) on the upcoming Annual Normal Assembly (AGM) on September 12.

Beforehand, the annual salaries of Non-Government Impartial Administrators of Paytm’s board members had been as excessive as ₹2 crore every year. 

The remuneration for Ashit Ranjit Lilani was beforehand set at ₹1.65 crore, whereas that of Gopalasamudram Srinivasaraghavan Sundararajan was set at ₹2.07 crore. 

In line with the corporate’s trade submitting, the brand new remuneration construction relies on the benchmarking achieved by the corporate, holding in thoughts good governance practices, and firms in related sectors or kinds of enterprise with related market capitalisation. 

 This resolution additionally displays the board members’ dedication in direction of making certain that the corporate stays financially prudent, as it really works in direction of its meant path of profitability.  

 Paytm can also be searching for shareholder approval on the appointment of former Indian Income Providers officer, Rajeev Krishnamuralilal Agarwal, to its Board. 

 The corporate can also be searching for shareholder approval on the reappointment of Ravi Chandra Adusumalli, Founder and Co-Managing Associate of Elevation Capital to its board of administrators, who is about to retire by rotation. Elevation Capital was one of many preliminary backers of Paytm.