Two More Advisory Firms Joined Against Vijay Shekhar Sharma's Reappointment As per reports, both the firms expressed different opinions about the reason for their disagreement

InGovern opinionated that Sharma is not liable to retire by rotation as director and not so much around the stock price decline.

"As far as the share price performance is concerned, Paytm is not a unique case. All new-age companies have seen their stock prices tank from the highs. Also, most of them happen to be non-profitable. MFs and insurance companies are still trying to understand how and when these companies will turn profitable. This was something that was known at the time of IPO," said Shriram Subramanian, founder and MD of InGovern, in a statement.

On the other hand, SES is not happy with Sharma holding the position position of chairman as well as MD and his remuneration.

"Although, there is no legal bar on the chairman of the company from holding executive position, SES is of the view that the company should have separated the position since combining both the position may lead to concentration of powers in the hands of a single person," the firm said in a statement.

The firm also added, "SES is of the opinion that a director's performance should be benchmarked against the individual's performance target as well as company's overall performance, and therefore the remuneration to an ED must include a variable performance-based component."

Few days back, IiAS also expressed their disapproval regarding the reappointment of Sharma saying, "Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, however, these have not played out. We believe the board must consider professionalising the management."

As per reports, the company's stock price has fallen by 63.6 per cent, resulting in wealth destruction for shareholders.