News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 2 years ago  » Business » Softbank representative to step down from boards of Paytm, Policy Bazaar

Softbank representative to step down from boards of Paytm, Policy Bazaar

Source: PTI
March 15, 2022 22:40 IST
Get Rediff News in your Inbox:

Japanese investor Softbank will pull out its representative from the boards of Indian listed entities Paytm and Policy Bazaar as part of its global policy, a source said on Monday.


Photograph: Kim Kyung-Hoon/Reuters

There will be no change in investment made by Softbank in these companies, the source said.

Softbank managing partner Munish Verma is currently a board member in both Paytm and Poilcy Bazaar who will step down from the position within a couple of days.


"As part of global policy, Softbank's representative will step down from the board of listed companies in India.

"At present, there are two Indian entities in this case- Paytm and Policy Bazaar.

"These companies have been informed about the decision," another source aware of the development said.

The source said that Softbank in 90 per cent of the portfolio companies globally has exited within six months.

"The Indian companies need to inform stock exchanges.

"The development will take place in a day or two," the source said.

Softbank declined to comment on the matter while a query sent to Paytm and Policy Bazaar did not elicit any immediate reply.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Moneywiz Live!