Vijay Shekhar Sharma reappointed MD & CEO of Paytm
Paytm founder Vijay Shekhar Sharma has been reappointed MD and CEO of the fintech company for five years, the company said in informed the exchanges on Saturday.
Sharma's next innings in the role will start on December 19, 2022.
Madhur Deora, the Chief Financial Officer of the company, has been appointed as an Additional Director w.e.f. May 20, 2022, for a period of five years, the company added in the same notification.
The Board of Directors of One 97 Communications in a meeting on Friday approved the proposal to invest 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, the company said in a separate release.
One 97 Communications is the parent company of Paytm.
After the investment, PGIL will become a subsidiary of One 97 Communications.
On Friday, One97 Communications said its loss widened to Rs 762.5 crore in the fourth quarter of Fy22 from Rs 444.4 crore a year earlier. For the financial year 2022, it posted a consolidated loss of Rs 2,396.4 crore for the fiscal year 2022.