One 97 Communications said that it has withdrawn its nominee from the board of Paytm Payments Bank and Vijay Shekhar Sharma will step down as part-time non-executive chairman and board member.
Paytm Payments Bank (PBBL) has reconstituted its board of directors with the appointment of ex-Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal. They have recently joined as independent directors.
PBBL will commence the process of appointing a new chairman after Vijay Shekhar Sharma has also resigned from its board as its chairman.
Surinder Chawla, MD & CEO at Paytm Payments Bank, said: "We welcome the appointment of Shri Srinivasan Sridhar, Shri Debendranath Sarangi, Shri Ashok Kumar Garg, and Smt Rajni Sekhri Sibal to our Board, marking a significant step forward in PPBL's journey. Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices.
One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.
The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.
The scrip rose 2.33% to currently trade at Rs 437.90 on the BSE.
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