Paytm discontinues inter-company agreements with PPBL
Paytm said it has mutually agreed to discontinue various inter-company agreements with Paytm Payments Bank (PPBL) to “reduce dependencies", Reuters reported.
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Paytm parent One97 Communications in its statement did not specify what agreements were being terminated.
Source: Paytm/Facebook
As per the company statement, PPBL has agreed to simplify the shareholders' agreement.
Source: Paytm
The goal is to enhance the governance of Paytm Payments Bank, making it more independent of its shareholders.
Source: Paytm
This decision comes days after Paytm CEO Vijay Shekhar Sharma resigned from the non-executive chairman and board member positions at PPBL.
Source: Vijay Shekhar Sharma/Instagram
Sharma owns 51 percent of the payments unit, while Paytm owns the rest.