Sources said Sharma’s financial as well as personal data, stored on his cellphone, was lost, following which he started getting extortion and blackmail calls. Sources close to Sharma said the company has grown big enough now for him to have more enemies than friends, hinting at a case of business rivalry and perhaps espionage. Sharma, however, said buying or selling ESOPs is the prerogative of the person who owns them. Sources said Dhawan wanted to buy a house worth Rs 50 million.ĭhawan’s lawyers have claimed that she was being forced to sell ESOPs (employee stock ownership plans) she had accumulated over the years and some of the people close to Sharma were trying to elbow her out of the company. But she did not directly ask for any money,” he said.
“She mentioned buying an expensive house. Sharma also confirmed a conversation had taken place on Dhawan buying a house. When I spoke to her last, I asked her to help me,” he said.Īlso read: This Isn’t Just About Paytm – Laws on Government Access to Data Need to Change He added that as Dhawan had been named she should help the police. Sharma said he hopes for the best outcome in the case. The fourth accused, Rohit Chomal, who made the extortion calls from Kolkata, is absconding. The blackmailers threatened they would leak his personal data. Two Paytm employees – Devendra Kumar, a manager in the administration department and Dhawan, Patym’s vice-president of corporate communication – and Rupak Jain, Dhawan’s husband, were arrested for allegedly trying to blackmail Sharma and extort Rs 200 million. Cops will unearth the truth,” said Sharma. It is possible that she has been used as a conduit. I have always believed her (Sonia Dhawan, his secretary and one of the accused).
“I’m stunned and want to figure out the truth. Sharma’s classification as a non-promoter is entirely in accordance with applicable law and due process has been followed in this regard.New Delhi: Breaking his silence for the first time since the news of data theft at Paytm came out, founder and chief executive officer Vijay Shekhar Sharma on Wednesday said he was shocked and wanted answers. Aligned with this, my stock grants will be vested to me only when our market cap has crossed the IPO level on a sustained basis.” The company has followed all provisions of applicable law and complied with due process for the grant of ESOPs.Ībout Vijay Shekhar Sharma as a promoter, One97 Communications noted that there are specific provisions of law that dictate whether a shareholder is classified as a ‘promoter’ or not. On April 6, 2022, in a shareholder letter, Vijay Shekhar Sharma had said, “ Rest assured, the entire Paytm team is committed to build a large, profitable company and to create long-term shareholder value. Sharma has never received any ESOP before the IPO, while there are enough examples of founders receiving 5 per cent to 10 per cent as ESOPs,” said the company. “Moreover, in earlier years, Sharma gave 4 per cent of his equity to create an ESOP pool for Paytm that helped the company to attract talent. His remuneration is fixed for the next three years without any annual increment, unlike the policy/practice applicable to all other employees of the company as well as in other companies.Īdditionally, One97 Communications’ annual report mentioned that there had been no change in the remuneration of Vijay Shekhar Sharma since November 1, 2020, which was approved by the members of the company at their extraordinary general meeting held on March 26, 2021. The resolution for Sharma’s remuneration received 94.48 per cent votes in favour. In response to our queries, Paytm reiterated that Sharma’s reappointment and remuneration has been duly approved via a company law process that received a resounding vote of confidence from shareholders in August 2022. One97 Communications Ltd (OCL), which owns Paytm, in an earlier exchange filing had explicitly noted that Vijay Shekhar Sharma’s ESOPs are milestone-linked. While the report has come as a surprise, Indian fintech giant Paytm has said that it has followed all provisions of applicable law and complied with due process for the grant of employee stock ownership plans (ESOPs), including approval by the shareholders and even earlier, at the time of clearance for initial public offering (IPO). The firm’s latest report is not an advisory to shareholders, so one is unsure about the context of the report. Even as the matter has already been resolved months ago by Paytm shareholders, a proxy advisory firm IiAS has raised concerns regarding grant of ESOPs to Vijay Shekhar Sharma, Chairman, Managing Director and Chief Executive Officer of Paytm.
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