The Board of One 97 Communications Limited, the parent company of India's prominent payments and financial services provider, Paytm, has announced the formation of a Group Advisory Committee of three members on Friday, through an exchange filing.
Chaired by former SEBI Chairman M. Damodaran, the committee aims to strengthen corporate governance through collaboration with the Board. The Committee includes seasoned professionals such as 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 RBI. Additionally, banking experts like R. Ramachandran, former Chairman and Managing Director of Andhra Bank, are also part of the Committee.
Committee Composition
The newly formed Group Advisory Committee comprises seasoned professionals with diverse expertise include:
1. M. Damodaran (Chairperson): A retired IAS officer, Damodaran brings extensive experience in corporate governance, restructuring, and regulatory leadership. He served as the Chairman of SEBI and led high-powered committees for the Government of India and RBI. Additionally, he was elected Chairman of the EMC of the International Organisation of Securities Commission (IOSCO).
2. Mukund Manohar Chitale: Former President of ICAI, Chitale has an illustrious record as the former Chairman of NACAS and a governing Council Member of Banking Codes and Standards Board of India, nominated by RBI. He is also a member of the Primary Advisory Market Committee of SEBI.
3. Ramachandran Rajaraman: With a background in banking, Rajaraman served as the former Chairman and Managing Director of Andhra Bank and as a Whole Time Director of Syndicate Bank. Currently, he contributes as a member of the Advisory Board at Central Vigilance Commission.
Committee's Focus
The Group Advisory Committee will work closely with the Board, focusing on regulatory compliance, corporate governance, and strategic guidance. The committee is empowered to induct additional members as deemed necessary.
RBI Imposes Restrictions on Paytm Payments Bank
Vijay Shekhar Sharma, the founder of One97 and Paytm, faces a spotlight as the Reserve Bank of India (RBI) recently enforced fresh restrictions on Paytm Payments Bank Ltd.
The regulatory move, announced last week, directs Paytm Payments Bank to halt its primary payment services by the end of February, citing ongoing non-compliance issues. This decision reverberates across One97 Communications, the parent company of Paytm. Despite the operational distinction between the Paytm app and Paytm Payments Bank, the repercussions are felt due to shared features, notably FASTag.
Paytm shares
The shares of Paytm on Friday at 3:30 pm IST closed at RS 419.15, down by 6.16 per cent.
