One 97 Communications Ltd

The stock slipped 10.49% in the past six trading sessions to end at Rs 333.30 on yesterday, from its recent closing high of Rs 372.35 recorded on 30 April 2024.

The company denied media reports suggesting its lending partners invoking loan guarantees due to repayment defaults.

“Paytm acts as a distributor of loans, and does not provide a First Loss Default Guarantee (FLDG) or other loan guarantees to lending partners. Therefore, the article’s claims about invoking loan guarantees due to repayment defaults by our partnered lenders are inaccurate,” the company stated in exchange filing.

The company said that it continues to collaborate with multiple banks and NBFCs, ensuring a diversified lending partnership network while strictly adhering to risk and compliance. Its Personal Loans distribution business was not disrupted and continued to scale effectively. The Merchant Loan business resumed at the end of March, 2024 following the completion of the “@paytm” handle transition.

With regards to media articles on recent employee exits, we wish to emphasise that the company has a robust senior leadership structure with over 50 Senior Vice Presidents, supported by a strong management and governance framework. Leaders within this structure oversee operations and reviews across business, product, and technology. All recent changes at Paytm have been aligned with pre-approved succession plans discussed with the Board in previous financial years.

“As part of our annual performance assessment, we will continue to evaluate our talent bench periodically within the context of our future plans, which will result in transition of some roles and employees. However, it also presents an exciting opportunity to reward our high-performing talent to step into leadership roles and welcome new executives who will contribute towards the next wave of growth. We will continue to foster a dynamic environment that embraces change and empowers individuals to contribute to our continued success,” the company stated in press release.

Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm’s mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.

The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.

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One 97 Communications: Paytm clarifies it does not offer loan guarantees to lending partners, refuting media reports of defaults.

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According to the regulatory filing, the company's board has acknowledged the resignation tendered by Bhavesh Gupta, President and COO of the company (senior management personnel). His resignation has been accepted by the company, and he will be relieved from his services with effect from 31 May 2024.

Gupta will continue to support the company as an advisor in the chief executive officer (CEO) office after 31 May 2024.

Meanwhile, Paytm stated that Varun Sridhar transitioned to CEO of Paytm Services, focusing on the distribution of mutual funds and wealth management products.

Further, the company announced that Rakesh Singh has been appointed as the CEO of Paytm Money (PML). With over two decades of experience, Singh was previously the CEO of the stock broking business at Fisdom and has held key management positions with ICICI Securities and Standard Chartered Bank.

Lastly, One97 Communications (OCL) said that it has expanded its portfolio with Paytm Services (PSPL), a subsidiary dedicated to distributing mutual funds, and other wealth management products. Varun Sridhar, former head of Paytm Money, now leads as CEO at PSPL.

Vijay Shekhar Sharma, Founder & CEO - Paytm said, “Our focus on payments and lending is stronger than ever, and I will work with the seasoned leaders that we have in each of our businesses to execute our plans. I am also excited about the direction that we have taken under the leadership of Varun to expand Paytm’s role in deepening penetration of mutual fund and wealth management products in our country.”

Rakesh Singh, CEO - Paytm Money said, Stepping into the role of CEO at Paytm Money is both an honor and a responsibility. As we aim to scale and position ourselves among the top brokers in India, our focus will be on ramping up acquisition and delivering stable, innovative products at a low cost transparent price. Focusing on growing an already profitable operation with full compliance to SEBI regulations will be a top priority.”

The company has reported movement to the TPAP model for UPI payments and is now working with Yes Bank, Axis Bank, State of India and HDFC Bank. For loan and credit card distribution, it continues to work with NBFC and bank partners.

Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm’s mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.

The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.

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Surinder Chawla has tendered his resignation on account of personal reasons and to explore better career prospects. He will be relieved from PPBL with effect from close of business hours on 26 June 2024, unless changed by mutual consent.

As informed earlier, nearly all agreements between the company and PPBL have been terminated as per the company’s disclosure on 1 March 2024 and the board of PPBL has been reconstituted with five independent directors including an independent chairperson, and no nominees from the company, as per the disclosure on 26 February 2024. In line with ongoing efforts, the company continues to collaborate with banking partners to enhance its merchant acquiring and UPI services.

Earlier in January 2024, the Reserve Bank of India (RBI) had taken action against Paytm Payments Bank, restricting the acceptance of deposits and top-ups in customer accounts, wallets, and FASTags beyond 29 February 2024. This decision follows reported non-compliance with regulations and supervisory concerns, as outlined in the RBI's statement citing persistent non-compliances and material supervisory concerns.

One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.

One 97 Communications (Paytm) reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year, due to accelerated GMV growth, higher device addition, and growth of financial services business.

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One 97 Communications has granted 91,250 Stock Options under One 97 Employees Stock Option Scheme 2019 (ESOP 2019) to the eligible employees.

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One 97 Communications has allotted 291,388 equity shares under ESOP on 04 April 2024. Consequently, the paid up equity share capital has increased to Rs 635,705,161 (consisting of 635,705,161 equity shares of face value of Rs 1 each).

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The penalty has been imposed for violations of the bank's obligations under the Prevention of Money Laundering Act, 2002.

The country’s finance ministry statement said that the FIU initiated a review of Paytm Payments Bank on the receipt of specific information from law enforcement agencies in respect of a few entities engaged in illegal acts, including organising and assisting online gambling.

Money generated from such illegal operations was routed and channelled through bank accounts that were maintained by entities with Paytm Payments Bank,” said the ministry.

PPBL issued a statement that “The penalty pertains to issues within a business segment that was discontinued two years ago. Following that period, the bank has enhanced its monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU).”

Meanwhile, the board of directors of Paytm has approved the discontinuation of various inter-company agreements with its associate entity, Paytm Payments Bank (PPBL).

One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.

The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.

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Paytm Payments Bank (PBBL) has reconstituted its board of directors with the appointment of ex-Central Bank of India chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal. They have recently joined as independent directors.

PBBL will commence the process of appointing a new chairman after Vijay Shekhar Sharma has also resigned from its board as its chairman.

Surinder Chawla, MD & CEO at Paytm Payments Bank, said: We welcome the appointment of Shri Srinivasan Sridhar, Shri Debendranath Sarangi, Shri Ashok Kumar Garg, and Smt Rajni Sekhri Sibal to our Board, marking a significant step forward in PPBL's journey. Their distinguished expertise will be pivotal in guiding us toward enhancing our governance structures and operational standards, further solidifying our dedication to compliance and best practices.”

One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.

The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.

The scrip rose 2.33% to currently trade at Rs 437.90 on the BSE.

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OCL said that this arrangement is expected to seamlessly replace the nodal account that the firm was using with Paytm Payments Bank.

Paytm Payment Services (PPSL), wholly owned subsidiary of the company has already been using the Axis Bank services, since its inception.

“Both OCL and PPSL are also in discussions with other banks to evaluate a second partner for nodal/escrow services,” the company stated in the press release.

Consumer payments for merchant transactions are typically collected in a dedicated account. This arrangement enables Paytm to seamlessly transition its merchants’ settlements to Axis Bank, thereby facilitating business operations for the merchants, it added.

Meanwhile, the company stated, “Paytm QR, soundbox and card machines will continue to work even beyond March 15, confirms RBI.”

On Friday, the Reserve Bank of India announced an extension of the deadline for Paytm Payments Bank until 15 March 2024, a shift from the initial date of 29 February 2024. This extension applies to certain restrictions imposed on 31 January 2024.

Paytm Spokesperson, said, “We are committed to providing seamless service to our merchant partners, with focus on compliance and regulatory guidelines. We assure our users that the Paytm app, and our pioneering devices like Paytm QR, Soundbox, Card Machine will continue to work as always. The shift of the nodal account to Axis Bank (by opening an Escrow Account) will ensure seamless merchant settlements as before.

One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.

The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.

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Borosil Renewables Ltd, Mrs Bectors Food Specialities Ltd, UCO Bank and Aarti Pharmalabs Ltd are among the other losers in the BSE's 'A' group today, 08 February 2024.

One 97 Communications Ltd tumbled 9.99% to Rs 447.1 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 22.53 lakh shares were traded on the counter so far as against the average daily volumes of 8.19 lakh shares in the past one month.

Borosil Renewables Ltd crashed 8.77% to Rs 554.65. The stock was the second biggest loser in 'A' group.On the BSE, 1.83 lakh shares were traded on the counter so far as against the average daily volumes of 1.99 lakh shares in the past one month.

Mrs Bectors Food Specialities Ltd lost 7.30% to Rs 1145.85. The stock was the third biggest loser in 'A' group.On the BSE, 53683 shares were traded on the counter so far as against the average daily volumes of 8965 shares in the past one month.

UCO Bank plummeted 6.47% to Rs 63.93. The stock was the fourth biggest loser in 'A' group.On the BSE, 78.13 lakh shares were traded on the counter so far as against the average daily volumes of 67.43 lakh shares in the past one month.

Aarti Pharmalabs Ltd shed 6.46% to Rs 522.3. The stock was the fifth biggest loser in 'A' group.On the BSE, 49685 shares were traded on the counter so far as against the average daily volumes of 21572 shares in the past one month.

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