Softbank managing partner Munish Verma is currently a board member in both Paytm and Poilcy Bazaar, who will step down from the position in a few days

Japanese investor Softbank will withdraw its representative from the boards of directors of Indian listed entities Paytm and Policy Bazaar as part of its global policy, a source said Monday. Softbank’s investments in these companies will not change, the source said.

Softbank managing partner Munish Verma is currently a board member in both Paytm and Poilcy Bazaar, who will step down from the position in a few days.

“As part of global policy, Softbank’s representative will step down from the board of directors of publicly traded companies in India. At the moment in this case there are two Indian entities: Paytm and Policy Bazaar. These companies have been informed of the decision,” said another source who is aware of the development.

The source said Softbank has exited 90 percent of portfolio companies worldwide within six months.

“The Indian companies must inform the exchanges. Development will take place in a day or two,” the source said.
Softbank declined to comment on the matter, while a question to Paytm and Policy Bazaar yielded no immediate response.


This post Softbank Representative Steps Down From Boards Of Paytm, Policy Bazaar was original published at “https://www.financialexpress.com/industry/softbank-representative-to-step-down-from-boards-of-paytm-policy-bazaar/2461729/”

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