Paytm to discontinue inter-company agreements with payments bank
"Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that, the Board of Directors of the Company on march 01, 2024, at 07:28 A.M. (IST), through circulation, have approved the discontinuation of various inter-company agreements with its associate entity, paytm Payments bank Limited (PPBL)," the business stated in a statement.
With the appointment of former Central bank of india Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former bank of Baroda Executive director Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal, the PPBL has reformed its Board of Directors.
Owner of the paytm brand One97 Communications owns 49% of the paid-up share capital both directly and through a PPBL subsidiary. At the bank, vijay shekhar sharma has a 51% share.