One97 Communications Ltd, ‘s parent company, said that at their meeting held on May 20, 2022, the Board approved the reappointment of Vijay Shekhar Sharma as Managing Director and CEO of the company for a tenure of five years, effective from December 19, 2022 to December 18, 2027.
In a filing at the Bombay Stock Exchange, the company had also said Madhur Deora has also been appointed as an Additional Director with effect from May 20, 2022. Further, he was appointment as whole-time director and is designated as “Whole-time Director and Chief Financial Officer” of the company for a tenure of five years, effective from May 20, 2022 to May 19, 2027.
Vijay Shekhar Sharma has been reappointed at Paytm’s MD and CEO
In a separate filing, One97 Communication said the Board has approved the proposal to invest an amount of up to Rs 950 crore in Paytm General Insurance Limited (PGIL) in tranches over a period of 10 years, and to hold upfront equity stake of 74 percent.
Once approved by the statutory regulatory, PGIL will become a subsidiary of the company. Incorporated in 2018, the company is yet to commence its general insurance business, which is presently subject to receipt of Certificate of Registration from IRDAI.
“The investments to be made pursuant to the proposed transaction will be utilised for setting up the general insurance business of PGIL and scaling up its operations, besides maintaining the minimum solvency margin as prescribed under the applicable insurance laws and regulations,” said One Communication in the filing.
