Paytm’s Big Salary Change and New Board Members Before Annual Meeting
New Delhi [India], August 21: Paytm’s board of directors has decided to revise the salary structure for its Non-Executive Independent Directors. This change shows their commitment to responsible financial discipline and good corporate governance.
New Salary Structure
The new salary plan will need approval from shareholders. Previously, Ashit Ranjit Lilani earned Rs 1.65 crore annually, and Gopalasamudram Srinivasaraghavan Sundararajan earned Rs 2.07 crore. Now, each Non-Executive Independent Director will get Rs 48 lakh annually, with Rs 20 lakh as a fixed amount. The rest will depend on meeting attendance and roles in board committees. This new structure will start on April 1, 2024.
Board Appointments
Paytm is also looking to add Rajeev Krishnamuralilal Agarwal, a former Indian Revenue Services officer, to its board. They also want to reappoint Ravi Chandra Adusumalli, the founder of Elevation Capital, who is set to retire by rotation. Elevation Capital was one of Paytm’s first supporters.
Annual General Meeting
Paytm’s parent company, One 97 Communications Limited, will hold its Annual General Meeting on September 12, 2024, at 09:00 a.m. via Video Conferencing. The meeting will cover various topics, including the adoption of financial statements for the year ending in March 2024.
Doubts Revealed
Paytm -: Paytm is a popular digital payment and financial services company in India. People use it to pay bills, transfer money, and shop online.
Board of Directors -: The Board of Directors is a group of people who make important decisions for a company. They help guide the company’s direction and policies.
Non-Executive Independent Directors -: Non-Executive Independent Directors are board members who do not work for the company full-time. They provide unbiased advice and help ensure the company is run well.
Annual Compensation -: Annual compensation is the total amount of money someone earns in a year for their work. It includes salary and other benefits.
Rs 48 lakh -: Rs 48 lakh is a way to say 4.8 million rupees, which is a large amount of money in India. One lakh equals 100,000 rupees.
Fixed Component -: A fixed component is a part of the salary that does not change. It is a guaranteed amount of money that someone will receive.
Good Governance -: Good governance means managing a company in a fair, transparent, and responsible way. It helps build trust and ensures the company follows rules and regulations.
Shareholder Approval -: Shareholder approval means that the people who own shares in the company need to agree to a decision. Shareholders are like part-owners of the company.
Rajeev Krishnamuralilal Agarwal -: Rajeev Krishnamuralilal Agarwal is a person being considered for a position on Paytm’s board. He will help make important decisions for the company.
Ravi Chandra Adusumalli -: Ravi Chandra Adusumalli is another person who is already on Paytm’s board and is being considered for reappointment. He has experience in guiding the company.
Annual General Meeting -: An Annual General Meeting (AGM) is a yearly gathering where a company’s shareholders meet to discuss important matters and make decisions.
September 12, 2024 -: September 12, 2024, is the date when Paytm’s Annual General Meeting will take place. It is a future event where important company decisions will be made.
