New Delhi, Shares of One97 Communications Ltd, the owner of the Paytm brand, jumped another 5 per cent on Tuesday to hit the highest trading permissible limit for the day. The stock climbed 4.98 per cent to Rs 449.30 -- its upper circuit limit -- on the BSE even after a muted opening to the trade. Shares of the fintech firm exhibited highly volatile trends falling to the day's low of Rs 413.55. Later, the stock bounced back and quoted 1.18 per cent higher at Rs 433. At the NSE, shares of the company rallied 4.99 per cent to reach the highest trading permissible limit for the day at Rs 449.50 despite a weak beginning. Shares of One97 Communications had hit upper circuit limits on Monday and Friday as well. <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman. The dramatic turn of events assumes significance in the backdrop of RBI's crackdown on the Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns. Last month, in a regulatory action the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29 -- a deadline that was later extended to March 15. In a release on Monday, One97 Communications informed that its associate entity Paytm Payments Bank Limited (PPBL) has reconstituted its Board of Directors with the appointment of former chairman of Central Bank of India <keyword id="20737456" type="General" weightage="20" keywordseo="srinivasan-sridhar" source="keywords">Srinivasan Sridhar</keyword>, retired IAS officer <keyword id="20737457" type="General" weightage="20" keywordseo="debendranath-sarangi" source="keywords">Debendranath Sarangi</keyword>, former executive director of Bank of Baroda Ashok <keyword id="20105178" type="General" weightage="20" keywordseo="kumar-garg" source="keywords">Kumar Garg</keyword>, and former IAS officer <keyword id="20743301" type="General" weightage="20" keywordseo="rajni-sekhri-sibal" source="keywords">Rajni Sekhri Sibal</keyword>. They have recently joined as independent directors, it elaborated. One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.

Paytm shares hit fresh upper circuit limit; jump 5%

New Delhi, Financial services company <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> said on Monday that <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> has stepped down as Non-Executive Chairman and Board Member of Paytm Payments Bank Ltd (PPBL). In a BSE filing, the company said that the PPBL has reconstituted the Board with Central Bank of India's former Chairman <keyword id="20737456" type="General" weightage="20" keywordseo="srinivasan-sridhar" source="keywords">Srinivasan Sridhar</keyword>, retired IAS officers Debendranath Sarangi, and Rajni Sekhri Sibal, and Bank of Baroda's former <keyword id="20009445" type="General" weightage="20" keywordseo="executive" source="keywords">Executive</keyword> Director Ashok Kumar Garg. "OCL withdraws its nominee from the Paytm Payments Bank Board and <keyword id="19939716" type="General" weightage="20" keywordseo="vijay-shekhar" source="keywords">Vijay Shekhar</keyword> Sharma steps down as Part-Time non-executive Chairman and Board member," it said in the filing. PPBL's future business will be led by a reconstituted Board One 97 Communications Ltd (OCL), after the RBI ban on the bank operations from March 15.

Vijay Shekhar Sharma steps down as Paytm Payments Bank Chairman

New Delhi [India], March 1 (ANI): In an official filing to the BSE and the NSE, One 97 Communications Ltd (<keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword>) 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 One 97 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, One 97 Communications Limited and its services that include the Paytm app, <keyword id="20506782" type="General" weightage="20" keywordseo="paytm-qr" source="keywords">Paytm QR</keyword>, 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. Earlier on February 26, One 97 Communications Ltd (OCL) had said that its associate bank Paytm Payments Bank Limited, has reconstituted its Board of Directors. It appointed Ex-Central Bank of India Chairman <keyword id="20737456" type="General" weightage="20" keywordseo="srinivasan-sridhar" source="keywords">Srinivasan Sridhar</keyword>, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and Retd. IAS Rajni <keyword id="20784383" type="General" weightage="20" keywordseo="sekhri-sibal" source="keywords">Sekhri Sibal</keyword>. In the same exchange filing, it said the Company has been separately informed that founder <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> has also resigned from the Board of Paytm Payments Bank to enable this transition. (ANI)

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Paytm shares hit fresh upper circuit limit; jump 5%

PTI

Vijay Shekhar Sharma steps down as Paytm Payments Bank Chairman

IANS

Paytm and Paytm Payments Bank mutually agree to discontinue various inter-company agreements

ANI