OCL additionally introduced main modifications to the board of the fee financial institution in an try to stop its liquidation on account of steady non-compliance of regulatory norms.
| Photo Credit: NAGARA GOPAL
One 97 Communications Ltd (OCL)., the promoter of Paytm Payments Bank Ltd. (PPBL), on Monday mentioned Vijay Shekhar Sharma had stepped down as the non-executive chairman and board member of the fee financial institution.
The transfer follows a sequence of regulatory crackdowns and lack of shareholder worth.
OCL additionally introduced main modifications to the board of the fee financial institution in an try to stop its liquidation on account of steady non-compliance of regulatory norms.
The dad or mum additionally knowledgeable inventory exchanges that PPBL’s board had been reconstituted with the appointment of former chairman of Central Bank of India Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg and retired IAS officer Rajni Sekhri Sibal. All of them had just lately joined as impartial administrators.
OCL additionally mentioned it had withdrawn its nominee from PPBL’s board.
“PPBL has informed us that they will commence the process of appointing a new chairman,” OCL mentioned within the submitting.
Apart from the brand new appointees, the PPBL board has former Executive Director of Punjab & Sind Bank Arvind Kumar Jain as Independent Director and Surinder Chawla, MD & CEO.
Surinder Chawla, MD & CEO, PPBL, in a press release mentioned the appointments make a major step ahead in PPBL’s journey.
“Their [the board members’] 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,” he mentioned.
Srinivasan Sridhar, Board Member, PPBL mentioned, “It is my goal to ensure that PPBL becomes a paragon of regulatory compliance, setting new standards in delivering exceptional value to the stakeholders, in strict adherence with regulatory frameworks and best practices.”
Debendranath Sarangi, Board Member, PPBL mentioned, “Assuming this expanded role at a critical juncture for PPBL, my dedication is firmly rooted in adhering to and exceeding the highest standards of regulatory compliance and corporate governance.”
“I am wholly committed to applying my expertise to navigate PPBL towards a future characterized by operational excellence, ensuring strict compliance with regulatory guidelines and fostering a culture of best practices,” he added. Despite these modifications regulatory motion on PPBL would proceed. On Monday, OCL inventory gained 4.99% to shut at ₹427.95 on the BSE.
