paytm: Softbank representative Munish Varma resigns from Paytm, PB Fintech boards – Times of India

NEW DELHI: Softbank managing associate Munish Ravinder Varma has resigned from the board of the digital monetary providers firm One97 Communications, which operates beneath the Paytm model, and PB Fintech, based on regulatory filings by each corporations on Tuesday.
Softbank Imaginative and prescient Funds India Holdings (Cayman) holds a 17.47 per cent stake in Paytm.
“Munish Ravinder Varma , Non-executive, Non-Unbiased Director of the Firm, has tendered his resignation vide resignation letter dated March 14, 2022, with impact from the closure of enterprise hours on March 14, 2022, because of private commitments and different preoccupations,” Paytm stated in a submitting.
PB Fintech, which owns manufacturers like Coverage Bazaar, Paisa Bazaar additionally introduced the resignation of Varma from its board.
SVF holds a 5.77 per cent stake in PB Fintech.
Japanese investor Softbank is pulling out its consultant from the boards of Indian listed entities Paytm and Coverage Bazaar as a part of its international coverage.
There will likely be, nonetheless, no change in funding made by Softbank in these corporations, based on a supply conscious of the event.
“As a part of international coverage, Softbank’s consultant will step down from the board of listed corporations in India. At current, there are two Indian entities on this case- Paytm and Coverage Bazaar. These corporations have been knowledgeable in regards to the choice,” one other supply conscious of the event stated.
The supply stated that Softbank in 90 per cent of the portfolio corporations globally has exited inside six months.
Shares of One97 Communications Ltd additional tanked practically 13 per cent on Tuesday.
The inventory tumbled 12.28 per cent to settle at Rs 592.40 on the BSE. On the NSE, it plunged 12.71 per cent to settle at Rs 589.
Shares of One97 Communications had on Monday declined practically 13 per cent after the RBI requested Vijay Shekhar Sharma-promoted Paytm Funds Financial institution to cease opening new accounts amid “materials supervisory issues” noticed within the financial institution.
In two days, the corporate’s market valuation plunged by Rs 11,809.43 crore to Rs 38,418.57 crore on the BSE.

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