Tag Archives: PAYTM

Paytm's founder and CEO, Vijay Shekhar Sharma, has settled a case with the Securities and Exchange Board of India (SEBI) over violations concerning employee stock options (ESOPs). The case, which stemmed from Sharma's receipt of 21 million ESOPs, was settled with both Paytm and Sharma agreeing to pay a fine of ₹11.1 million each.

At Paytm's 24th Annual General Meeting (AGM), CEO Vijay Shekhar Sharma provided an insightful overview of the company's progress and future directions, emphasizing India's leading role in the global payments and digital revolution. Sharma also took the opportunity to extend his gratitude to Prime Minister Narendra Modi for his support and recognition of India's QR innovation.

Paytm Founder and CEO Vijay Shekhar Sharma, speaking at the 7th JITO Incubation and Innovation Fund (JIIF) Foundation Day, likened his company’s recent setbacks to a personal tragedy, calling it an emotionally challenging experience.

Paytm's parent company, One97 Communications Limited (OCL), has announced layoffs as part of its ongoing restructuring efforts. In a recent statement, the company confirmed that it is providing outplacement support to affected employees to ensure a smooth transition. The company's human resource teams are actively collaborating with over 30 companies currently hiring, facilitating immediate outplacement for employees who have chosen to share their information.

In a significant development in the fintech industry, Gautam Adani, the chairman of the Adani Group, is reportedly in discussions to acquire a stake in One 97 Communications, the parent company of Paytm. According to a report in the Times of India, talks between Adani and Vijay Shekhar Sharma, the founder and CEO of Paytm, have been ongoing for a while, with a recent meeting held on May 28 in Ahmedabad to finalize the deal's contours.

Paytm's parent company, One97 Communications, is reportedly planning significant job cuts amid financial challenges. The company may reduce its workforce by 15-20%, which translates to around 5,000-6,300 employees, in an effort to reduce employee costs by ₹400-500 crore this fiscal year, according to a report by the Financial Express.

In a recent development, Bhavesh Gupta, the Chief Operating Officer (COO) and President of Paytm, has tendered his resignation citing personal reasons. This announcement comes as a significant change in leadership within the fintech giant.

Elon Musk, the CEO of Tesla, has emphasized the significance of India's transition to electric vehicles (EVs) by stating that it's a "natural progression" for Tesla to provide electric cars in India, just like in other countries. This statement comes amid Tesla's strategic plans to establish a manufacturing presence in India and contribute to the country's burgeoning electric mobility landscape.

Surinder Chawla, the Chief Executive Officer and Managing Director of Paytm's banking unit, Paytm Payments Bank, has tendered his resignation citing "personal reasons." The company announced that Chawla's resignation would take effect from June 26. However, no details were provided regarding a potential successor to Chawla.

Paytm, the popular online payments platform, has refuted recent reports claiming a significant reduction in its workforce by 25-50%. The company has dismissed these reports as 'baseless' and clarified that it is currently engaged in its annual appraisal process, which is a routine practice and not indicative of layoffs.