As a part of a course of to scale back dependencies, One97 Communications Ltd. (Paytm) and Paytm Payments Bank Ltd. (PPBL), have mutually agreed to discontinue varied inter-company agreements with Paytm and its group entities, Paytm mentioned in a submitting with inventory exchanges.
Further, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to assist PPBL’s governance, impartial of its shareholders. One97 Communications Ltd.’s Board authorised the termination of agreements and modification of SHA on March 1, 2024,” the corporate added within the assertion.
Paytm mentioned it had introduced earlier that it will join new partnerships with different banks and take measures to present seamless companies for its prospects and retailers.
Last week the board of PPBL was strengthened and Paytm CEO Vijay Sekhar Sharma had resigned because the financial institution’s chairman in a bid to salvage its operations.
But sources monitoring the event mentioned no matter is being performed now’s too little and too late.
