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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)

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

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

It’s just been two days that <keyword id="28721" type="CITY" weightage="100" keywordseo="Cognizant">Cognizant</keyword> Technology Solutions (CTS) slashed its growth guidance for the year, and now it has shuffled its senior management team, while also announcing hiring a new COO. It recently became the second largest software services firm in the country, leaving behind several of its biggest rivals. 
 
As per Senior Cognizant sources, this shuffle had nothing to do with the financial performance statements issued over the weekend; instead, it was being planned for quite some time now. 
 
"The market is undergoing a major shift in the pace of digital technology adoption by clients, driven by new social, mobile, analytics, cloud, artificial intelligence, the Internet of Things (IoT), adaptive manufacturing, augmented reality and blockchain technologies, to name a few... Our realigned organizational structure brings together all of our talented teams to fully align with the transformative needs of our clients and helps us better support them in navigating the shift to compete in the digital economy," said a Cognizant spokesperson. 
 
There have been no changes in the top management of the company, but the senior management has been shuffled. 
 
Changes include hiring a new COO, Srinivasan V, who will be taking over from Sridhar T, as he moves on to a newly created strategic initiatives portfolio. Earlier, Srinivasan was executive VP, products and resources. 
 
The senior management roles that are changed include delivery roles being given to Debashis Chatterjee, who is executive VP and president, technology solutions. Prasad C, on the other hand, will now be taking care of industry verticals in North America, and Santosh Thomas has been given Latin American markets along with EU and APAC. 
 
<a href="https://upload.wikimedia.org/wikipedia/en/c/cd/Cognizant-TCO.jpg">Image source</a>

Cognizant shuffles senior management, appoints new COO

Post <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>, <keyword id="35621" type="UNKNOWN" weightage="20" keywordseo="e-commerce">e-commerce</keyword> shipments took a blow and their volumes went down drastically. This forced multiple last mile logistics companies to scale down operations. In the last few months, <a href="http://www.businessinsider.in/searchresult.cms?query=logistics&amp;sortorder=effectivedate">logistics</a> manpower companies such as <keyword id="473274" type="COMPANY" weightage="20" keywordseo="Ikya-Human-Capital-Solutions">IKYA Human Capital Solutions</keyword>, owned by <keyword id="6370333" type="UNKNOWN" weightage="20" keywordseo="Quess-Corp">Quess Corp</keyword>, G4S, and last-mile delivery companies such as Wow Express and <keyword id="2720901" type="UNKNOWN" weightage="20" keywordseo="Connect-India">Connect India</keyword> have reduced the number of centres. 
 
"All companies working on an employee outsourcing model took a hit. Between November and February, there was a 4045% drop in volumes from <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> companies," L Sridhar, founder of logistics network company Connect India, which works with local stores and pharmacies in tier-II and III cities and rural areas to create a partner network for delivery in these locations, told ET. 
 
He said that the company has scaled down operations from 95 cities and rural regions to 45 all thanks to the reduction in e-commerce volumes and lower rates being negotiated by e-commerce players in an effort to reduce burning cash per delivery. 
 
"The volume has come down from 1 million to 4,00,000 shipments per month over the last three months," Sridhar, told ET. 
 "We understand the seasonality of the e-commerce business and are now entering into short-term contracts for the peak delivery seasons with the ecommerce players. The planning of manpower in these companies is aligned to the peak. When our contracts end at the end of the peak season, we are moving our delivery staff to other verticals such as agro or FMCG to ensure that they are not out of jobs.We is doing this for the first time in the year 2016-17," Guruprasad Srinivasan, president special projects and logistics at <keyword id="473271" type="ORGANIZATION" weightage="20" keywordseo="Ikya">IKYA</keyword>, told ET.

Last mile logistic companies scale down operations, thanks to demonetisation

The BCCI has set up an organising committee for ICC World Twenty20, which will be held in India next year. 
 
The World T20 tournament, which will be hosted by the BCCI, will held from March 11 to April 3, 2016. 
 <keyword id="2955406" type="UNKNOWN" weightage="100" keywordseo="BCCI-secretary-Anurag-Thakur">BCCI secretary Anurag Thakur</keyword> informed that MV Sridhar, general manager for cricket operations at BCCI as the tournament director while former Delhi Police commissioner Neeraj Kumar, who is the chief advisor security and ACSU of BCCI will be the director of Security and ACSU for the event. 
 
While Amrit Mathur is appointed as the principal coordinator, RP Shah will be the tournament manager finance. KVP Rao, manager - game development of the BCCI has been appointed as the manager for cricket operations while Nishant Jeet Arora, media manager of the BCCI, will be the tournament media manager. 
 
N Srinivasan's assistant Mayank Parikh has been nominated as manager - logistics and hospitality for the event. 
 
Professor Ratnakar Shetty has been appointed as an advisor to the committee. 
 
(Image: Indiatimes)

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

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Last mile logistic companies scale down operations, thanks to demonetisation

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