Parul
In an official filing to the BSE and the NSE, One97 Communications Ltd (Paytm) has informed that the Company and its associate entity, Paytm Payments Bank Limited (PPBL), have introduced additional measures to strengthen their approach towards independent operations of PPBL.
As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities. Further, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL’s governance, independent of its shareholders.
The Board of One97 Communications Ltd approved the termination of agreements and amendment of SHA on March 1. Paytm 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.
In its intimation to stock exchanges on February 1, the company had indicated the possible financial impact.
The filing also clarified that, One97 Communications Limited and its services that include the Paytm app, Paytm QR, Paytm soundbox and Paytm Card machines will continue to work uninterrupted.
The filing added that Paytm is committed to uphold the highest standards of market leading innovation and technology enabled solutions for its customers.
