As part of a process to reduce dependencies, One97 Communications Ltd. (Paytm) and Paytm Payments Bank Ltd. (PPBL), have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities, Paytm said in a filing with stock exchanges.
Further, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL’s governance, independent of its shareholders. One97 Communications Ltd.’s Board approved the termination of agreements and amendment of SHA on March 1, 2024,” the company added in the statement.
Paytm said it had announced earlier that it would sign up new partnerships with other banks and take measures to provide seamless services for its customers and merchants.
Last week the board of PPBL was strengthened and Paytm CEO Vijay Sekhar Sharma had resigned as the bank’s chairman in a bid to salvage its operations.
But sources monitoring the development said whatever is being done now is too little and too late.
Published - March 01, 2024 09:33 pm IST
