Print   Close

Paytm founder Vijay Shekhar Sharma to get Rs 3 crore in remuneration in FY20

BusinessToday.In     October 22, 2019

Paytm founder Vijay Shekhar Sharma's net worth has been making headlines since 2017, when Forbes ranked him as the youngest Indian billionaire. The 41-year-old was the only startup founder to make it to the top 50 India Rich List 2019 released by Hurun Report India and IIFL Wealth Management last month, with his net wealth pegged at Rs 20,400 crore. And his salary for this fiscal stands at Rs 3 crore, as per regulatory filings with the Ministry of Corporate Affairs.

The proposal pertaining to Sharma's remuneration was approved by members of One97 Communications Ltd - Paytm's parent - at their Annual General Meeting on September 30, PTI reported. In addition, he will be entitled to perquisites such as accommodation, vehicles, fuel expenses, travel expenses and more. However, the filings did not clarify whether the Rs 3 crore salary includes compensation for the e-commerce arm and the payments bank as well. Sharma's remuneration stood at a similar level in the last fiscal.

The members also passed through 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. Paytm, India's largest digital financial services provider, has reportedly proposed a new ESOP scheme recently that boasts a maximum vesting period of five years.

Last month, One97 reported a significant loss and a marginal increase in revenue in its annual report for FY19. On a consolidated basis that includes businesses like Paytm Money, Paytm Financial Services, Paytm Entertainment Services and others, the company reported a net loss of Rs 4,217 crore, up from Rs 1,604.34 crore a year ago.

With PTI inputs


URL for this article :
https://www.businesstoday.in/current/corporate/paytm-founder-vijay-shekhar-sharma-to-get-rs-3-crore-in-remuneration-in-fy20/story/386010.html
 
@ Copyright 2019 India Today Group.