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Tag: Paytm

  • Labour Ministry issues notice to Paytm’s parent of alleged forced layoffs

    Labour Ministry issues notice to Paytm’s parent of alleged forced layoffs

    The Labour Ministry has issued a notice to the management of One 97 Communications, parent company of Paytm, regarding alleged forced termination of employees. The Regional Labour Commissioner in Bengaluru sent the notice after some Paytm employees lodged a complaint with the ministry, alleging the company violated labour laws by forcing terminations without pay.

    The commissioner has asked both parties, the representatives from Paytm’s management and the complainants to present their cases with all relevant records before the ministry.

    Following the RBI’s ban on Paytm Payments Bank, One 97 Communications has initiated a significant restructuring effort, including employee rationalisation.

    In response to an ET query, a Paytm spokesperson commented that the decision to transition some employees was difficult for all parties involved and was made only after careful consideration. The spokesperson emphasised that Paytm has strived to provide the best possible support to its transitioning employees and to ensure fairness and transparency throughout the process. The company remains committed to addressing and resolving any concerns raised by affected employees and will continue to collaborate with all stakeholders to ensure the best outcomes for its staff.

  • Paytm Appoints Rajeev Agarwal as Independent Director

    Paytm Appoints Rajeev Agarwal as Independent Director

    The Board of One 97 Communications Limited has approved the appointment of Rajeev Krishnamuralilal Agarwal as a Non-Executive Independent Director with immediate effect for five years. He replaced Neeraj Arora, who had tendered his resignation due to his preoccupation and other personal commitments. He will cease to be a Non-Executive Independent Director with effect from the closure of business hours on June 17, 2024.

    Agarwal, an engineering graduate from I.I.T. Roorkee, belongs to the 1983 batch of the Indian Revenue Service and has wide experience in securities markets, commodity markets, and taxation. He was a Whole-Time Member of SEBI for 5 years; a Member of the Forward Markets Commission, the erstwhile regulator of commodity futures markets, for 5 and a half years; and a member of the Indian Revenue Service for 28 years. He also supervised the smooth merger of commodity market regulators, the Forward Markets Commission, with SEBI in 2015 – merger of regulators being a very rare event globally. He has wide exposure to global markets and their regulations, having interacted with global peers and international bodies such as IOSCO and the Pacific Pension Investment Institute in San Francisco, a body of global pension funds. Presently, he is running an advisory firm in the capital market, advising Indian corporates and start-ups on regulatory issues and corporate governance. He is Chairman and Independent Director on the Board of AMC of Trust Mutual Fund and Independent Director on the Boards of ACC, Star Health Insurance, UGRO Capital, and MKVentures Capital.

     

  • Swati Rustagi CHRO of Paytm steps down

    Swati Rustagi CHRO of Paytm steps down

    According to a report, Swati Rustagi, who served as the Chief Human Resources Officer (CHRO) at One97 Communications Paytm Limited, has resigned from her position and is currently in her notice period. The report also suggests that Rustagi is likely to join Adobe.

    Rustagi, who assumed the role at Paytm in 2023, commenced her career at Hindustan Unilever before gaining experience at DSP Merrill Lynch, Johnson & Johnson Medical, Patni Computer Systems, Max Healthcare, and Amazon.

    During her tenure as Director of Human Resources at Johnson & Johnson Medical since 2008, Rustagi oversaw HR operations for the surgical care division, constituting 70 percent of the company’s total business in India. She also supervised Recruitment, Learning and Development, Talent Management, and Employee Engagement initiatives. Additionally, she led Compensation and Benefits work for J&J India in 2009–2010.

    In February, Vijay Shekhar Sharma, founder of One97 Communications, the parent company of Paytm, resigned as Non-Executive Chairman and board member of Paytm Bank as part of a board reconstitution.

    Srinivasan Sridhar, former chairman of the Central Bank of India, retired IAS officer Debendranath Sarangi, former Executive Director of the Bank of Baroda Ashok Kumar Garg, and retired IAS officer Rajni Sekhri Sibal have joined Paytm’s Board as Independent Directors. The Board will also include former Executive Director of Punjab & Sind Bank Arvind Kumar Jain and Surinder Chawla, MD & CEO at Paytm Payments Bank.

  • Paytm’s President & COO Bhavesh Gupta Steps Down

    Paytm’s President & COO Bhavesh Gupta Steps Down

    On May 4, 2024, the Board of Directors of One 97 Communication Limited (Paytm) took note of the resignation tendered by Bhavesh Gupta, President and Chief Operating Officer of the Company (Senior Management Personnel). His resignation has been accepted by the company, and he will be relieved from the services of the company with effect from May 31, 2024.

    Bhavesh Gupta has 25 years of experience and joined Paytm in August 2020. Prior to Paytm, Gupta worked with Clix Capital (formerly GE Capital) as a founding member and CEO and IDFC Bank as a founding member and head of SME and business banking. He has worked with ICICI Bank for more than 10 years. Earlier in his career, he worked for Transamerican Apple Distribution Finance and Apple Finance. He has an MBA from the Institute of Management Studies, DAVV, Indore.

  • Paytm forms a group advisory committee led by M. Damodaran

    Paytm forms a group advisory committee led by M. Damodaran

    The Board of One 97 Communications Limited announces the formation of a group advisory committee chaired by former SEBI Chairman Mr. M. Damodaran to work with the Board in further strengthening compliance and regulatory matters. The announcement has come amidst various restrictions imposed by the RBI on Paytm payments bank for violations of compliance norms.

    Media reports also suggested that two prominent Independent Directors, Manju Agarwal and Shinjini Kumar, have resigned from the board. Agarwal is a former Deputy Managing Director of India’s largest commercial bank, SBI. Kumar has more than three decades of experience with Citi Bank, PwC, and Bank of America Merrill Lynch. She also held the post of Chief Executive at Paytm Payments Bank for over a year, until June 2017. As per the update available on the BSE website, the exchange has sought clarification from the company regarding these resignations.

    The M. Damodaran-led committee includes veteran professionals like M.M. Chitale, former president of the Institute of Chartered Accountants of India (ICAI), and a former governing council member of the Banking Codes and Standards Board of India nominated by the RBI. A third member is R. Ramachandran, former Chairman and Managing Director of Andhra Bank. The company said in a statement that more members may be inducted as necessary.

  • Sunil Kumar Bansal Appointed the Company Secretary of One 97 Communications

    Sunil Kumar Bansal Appointed the Company Secretary of One 97 Communications

    One 97 Communications Limited, the company that owns and operates the Paytm Payment App has appointed Sunil Kumar Bansal as the Company Secretary of the Company on 21 July 2023. He replaced Sonali Singh, who was associated with the company for around seven years. Sunil Kumar Bansal, having experience of more than 25 years in managing various corporate matters including Governance Secretarial, Legal, Compliances, M&A, and IPO. Prior to joining Paytm, Bansal was the Company Secretary & Compliance Officer of Delhivery Limited. In his career, he has worked with various reputed companies including Global Health Limited, Greenko Group, GMR Group etc. Sunil Kumar Bansal is a qualified Company Secretary, Cost Accountant, and Law Graduate.