Paytm’s Company Secretary & Compliance Officer Amit Khera resigns

Paytm’s Company Secretary and Compliance Officer Amit Khera has resigned from his post, the NSE-listed company announced in its exchange filings. Sonali Singh will be stepping in as the Interim Compliance Officer as they look for a person for this role, Paytm’s parent company One97 Communications said in a statement.
 
“In the interim period Ms. Sonali Singh, has been appointed as an Interim Compliance Officer of the Company for monitoring and ensuring compliance of securities laws, redress Investor grievances and any other related activities,” the statement read. 
 
Singh is a Company Secretary with over 13 years of experience. Prior to joining Paytm, the Law graduate was working with the State Bank of India (SBI). She has also worked with InterGlobe Aviation Limited, popularly known as IndiGo where she spent close to eight years. 
 
Khera is also a Law graduate from Delhi University. Before Paytm, he has worked with fast moving consumer goods company Del Monte and telecom major Bharti Airtel Limited in the legal and secretarial vertical. 
 
Khera’s last day is on March 14, 2023. Singh will be stepping into the new role from March 15. 
 
Paytm stock jumped over 4 per cent to hit a day's high of Rs 628.75, while shares of Zomato were down a little over 2 per cent to hit a day's low of Rs 53.41 in late-morning deals.
 
The resignation comes days after the Paytm stock came into the limelight after a media report suggested that China's Ant Group and Japan's SoftBank Group Corp were looking to sell their stake in digital payments. However, Paytm rejected these reports that stated that none of the major shareholders are offloading shares in the company in a clarification addressed to the exchanges. The company is not part of any negotiation and there is no sequence of events available, it said.
 
In the recently announced results, Paytm narrowed its consolidated net loss to Rs 392 crore in the third quarter (Q3) that ended December 2022 (FY23) against a net loss of Rs 778.40 crore in the same period a year ago. In addition, Paytm posted its first quarterly positive cash EBITDA of Rs 30 crore in Q3 FY23, three quarters ahead of company guidance (of September 2023).
 

Also Read: Ex-Mastercard CEO Ajay Banga, Biden’s pick to lead World Bank, plans to visit Asia, Europe