All posts tagged: vijay shekhar sharma

Paytm Owner, CEO, Brother Settle Stock Options Case, Pay Rs 2.8 Crore

Paytm Owner, CEO, Brother Settle Stock Options Case, Pay Rs 2.8 Crore

Published by Webster

New Delhi: One97 Communications Ltd, owner of the Paytm brand, its CEO Vijay Shekhar Sharma and his brother Ajay Shekhar Sharma on Thursday settled with markets regulator SEBI a case pertaining to the company’s Employee Stock Options (ESOPs) by paying a total amount of Rs 2.8 crore. As a part of the settlement, Vijay Sharma will not accept any fresh ESOPs from any listed company for a period of 3 years, according to an order passed by SEBI. In addition, SEBI has directed One97 Communications (OCL) to cancel ESOPs granted to the two brothers. Accordingly, ESOPs of 2.1 crore and 2.23 lakh granted to Vijay and Ajay respectively were cancelled. Last month, Vijay Sharma voluntarily surrendered 2.1 crore shares worth about Rs 1,800 crore, One97 Communications stated in a regulatory filing. Further, OCL and Vijay Sharma remitted Rs 1.11 crore each, while Ajay Sharma paid Rs 57.11 lakh to settle the matter. Further, SEBI disgorged Rs 35.86 lakh from Ajay Sharma with respect to the sale of 3,720 OCL shares obtained upon exercise of the …

Govt inks pact with Paytm for mentorship, market access, funding opportunities for startups

Govt inks pact with Paytm for mentorship, market access, funding opportunities for startups

Published by Parlour News

File photo for representational purposes only. | Photo Credit: REUTERS The government has inked an agreement with Paytm (One97 Communications Ltd) under which the company would provide mentorship, infrastructure support, market access, and funding opportunities to startups, an official statement said on Wednesday (February 26, 2025). The Memorandum of Understanding (MoU) was signed by the Department for Promotion of Industry and Internal Trade (DPIIT) with Paytm to foster innovation and accelerate the growth of manufacturing and fintech startups in India, the Commerce and Industry Ministry said. “As part of this collaboration, Paytm will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate,” it added. This initiative, it said, aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions. According to the DPIIT, the partnership aims to support fintech hardware startups through mentorship and innovation guidance, helping them develop and scale payment and financial technology solutions. “It also focuses on regulatory and compliance assistance by organising workshops and providing guidance in …

Paytm CEO Vijay Shekhar Sharma

Published by Webster

Paytm Payments Bank’s parent is One 97 Communications. The board of India’s Paytm Payments Bank is independent and capable of addressing regulatory concerns, the chief executive officer of digital payments firm Paytm, formally known as One97 Communications Ltd, (OCL) said on Monday. “I, personally or anyone from OCL, have no connection with the payments bank,” Vijay Shekhar Sharma said at a webinar. “There is an independent board taking care of everything and we have full faith in their capability.” The Reserve Bank of India (RBI) in late January had ordered Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March, citing supervisory concerns and persistent non-compliance with rules. Paytm Payments Bank’s parent is One 97 Communications, popularly known as Paytm for its digital payments app. One97 owns 49% in the payments bank, while Mr Sharma holds the remaining 51%. In February, following the RBI’s order, Mr Sharma stepped down as non-executive chairman and board member of Paytm Payments Bank.   (Except for the headline, this story has not been …

Why Vijay Shekhar Sharma Resigned As Paytm Payments Bank Chairman

Published by Webster

Mr Sharma owns a 51 per cent stake in Paytm Payments Bank. New Delhi: Paytm CEO Vijay Shekhar Sharma on Monday resigned as non-executive chairman and board member of Paytm Payments Bank, amid ongoing regulatory challenges faced by the digital payments giant. The decision follows a series of measures imposed by the Reserve Bank of India (RBI), including an order for Paytm Payments Bank to wind down operations by March 15 due to persistent compliance issues and supervisory concerns. The RBI’s action against the payments bank stemmed from various concerns, including inadequate customer identity checks and a perceived lack of arms-length distance from the parent company, Paytm. These issues prompted a major board overhaul, with former chairman of Central Bank of India, Srinivasan Sridhar, former Bank of Baroda Executive Director Ashok Kumar Garg, and two retired Indian Administrative Service (IAS) officers joining the payments bank’s board. Paytm’s decision to reconstruct the board with independent and executive directors is seen as an effort to demonstrate compliance with regulatory norms and salvage the situation. While the RBI …

Vijay Shekhar Sharma Steps Down From Paytm Payments Bank Board Amid Crisis

Published by Webster

Vijay Shekhar Sharma stepped down as non-executive chairman Paytm said on Monday that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank’s unit, as the embattled digital payments company overhauls its board after a central bank clampdown. The action against Paytm Payments Bank followed “serious supervisory concerns”, including inadequate customer identify and a lack of arms-length distance with Paytm, sources had told Reuters. The Reserve Bank of India has asked the banking unit to wind down its operations by March 15 due to persistent non-compliance and continued material supervisory concerns, triggering a meltdown in Paytm’s stock. Srinivasan Sridhar, former chairman of state-owned Central Bank of India, former Bank of Baroda Executive Director Ashok Kumar Garg and two retired Indian Administrative Service officers will join the board, Paytm said in an exchange filing. The new board members’ expertise will be “pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices”, Paytm Payments Bank CEO Surinder Chawla said. Paytm …

Paytm CEO Vijay Shekhar Sharma Meets Nirmala Sitharaman, Told To Sort Out Issue With RBI: Sources

Published by Webster

Paytm shares had tanked over 40% since then, rebounding only this Tuesday. (File) New Delhi: The Paytm chief executive was told the government has no role to play in connection with the latest RBI restrictions when he went to meet Finance Minister Nirmala Sitharaman yesterday, said people familiar with the matter. Vijay Shekhar Sharma is in fire-fighting mode after the Reserve Bank of India last week asked Paytm to stop its popular digital wallet, deposits and credit products. Paytm shares had tanked over 40% since then, rebounding only this Tuesday. Mr Sharma’s meeting with Ms Sitharaman lasted for 10 minutes and he was told the government has no role to play in this matter, said government sources. Paytm has been asked to sort out the issue with RBI and comply with their guidelines, they added. Mr Sharma also met RBI officials yesterday to discuss the regulatory concerns, sources said. The RBI barred Paytm Payments Bank Ltd last Wednesday (January 31) from accepting deposits or allowing credit transactions, or top-ups, in customer accounts or prepaid instruments …

No ED Investigation Either Against Company or CEO, Says Paytm

Published by Webster

Last Updated: February 04, 2024, 23:55 IST The ED had visited premises of the company and some other fintech firms like Razorpay in September 2022 (File Image) The company said it has cooperated with the agencies during any investigations by the authorities on any set of merchants or users in the past The Enforcement Directorate is neither investigating One97 Communications, owner of Paytm brand, nor its Founder and CEO Vijay Shekhar Sharma for money laundering, the company said on Sunday. The ED had visited premises of the company and some other fintech firms like Razorpay in September 2022 for money laundering investigations against some of the merchants that were using their platforms. “Neither the Company nor its founder and CEO are being investigated by the Enforcement Directorate regarding inter alia money laundering. In the past, certain merchants/users on our platforms have been subject to enquiries and on those occasions, we have always cooperated with the authorities,” Paytm said in a regulatory filing. The company said it has cooperated with the agencies during any investigations by …

Vijay Shekhar Sharma reacts to IndiGo passenger slapping pilot over flight delay | Trending

Published by Webster

A video of an unsettling occurrence aboard an IndiGo flight went viral on social media. It showed how a passenger got furious and slapped the captain of the flight over a flight delay during a Delhi to Goa flight. The clip took various social media platforms by storm and several people denounced the passenger’s act. Vijay Shekhar Sharma, founder of Paytm, reshared the clip on X and shared his thoughts. The man in the yellow hoodie was seen slapping the passenger. (X/@Vijay Shekhar Sharma) “Road rage is coming to aircrafts. I am sure, we all understand crew is guided by ATC and doesn’t delay a flight on their own. This is completely unacceptable! We must respect and honour those who standby and give us services in any hour and weather,” wrote Vijay Shekhar Sharma as he reshared the video. (Also Read: IndiGo passenger shares ‘worst’ experience on Bengaluru-bound flight, airline issues refund) Amazon Sale season is here! Splurge and save now! Click here The video shows the angry passenger running towards the pilot and slapping …

Paytm’s Vijay Shekhar Sharma May Not Be Eligible For Stock Options: Report

Published by Webster

Paytm is one of several Indian startups that has not classified their founders as promoters Paytm may be circumventing regulation to grant employee stock options to founder and Chief Executive Officer Vijay Shekhar Sharma, according to proxy advisory firm Institutional Investor Advisory Services. While Mr Sharma isn’t classified as a promoter – Indian parlance for controlling shareholder – he has rights akin to one, including a potential permanent seat on the board, IiAS said in a note Friday.  “These provisions and structures give Vijay Shekhar Sharma ‘entrenchment’ similar to that enjoyed by promoter families in the more traditional companies,” IiAS said. It added the regulator must examine Mr Sharma’s move to pare his direct stake by transferring equity to a family trust, barring which he wouldn’t be eligible for the Employee Stock Option Plan. Indian law prohibits stock options to promoters, and to directors who directly or indirectly hold more than 10% of the firm. Scrutiny over pay has also increased after Paytm sank 75% since its initial public offering last year, following which Sharma …

Paytm CEO Vijay Shekhar Sharma Declares End of Cash Burn Ahead of Firm’s Plans to Turn Cash Flow Positive

Published by Webster

Paytm said on Wednesday that going ahead there will be no more cash burn in the business and that the SoftBank-backed digital payments firm was far ahead on re-setting its ambition on controlling spends. “It has got decided last month that it (cash burn) would no more be continuing. As far as Paytm is concerned, we have publicly declared that we are far ahead of our ambitions — far meaning the border of magnitude ahead — in terms of re-setting our cash burns” founder Vijay Shekhar Sharma said at newspaper Business Standard’s annual banking event. In November, Paytm said it would become free cash flow positive in the next 12-18 months. Paytm had net cash, cash equivalents and investable balance of Rs. 9,182 crore at the end of September, according to its latest quarterly earnings report. CLSA had also upgraded Paytm last month saying that cash burn could end in another four to six quarters. Formally known as One97 Communications, Paytm listed last year after a mega USD 2.5 billion (roughly Rs 20,000 crore) initial public …