Paytm CFO to retire from company board, ex-bureaucrat Bimal Julka resigns

Paytm owner One97 Communications' Group Chief Financial Officer (CFO) Madhur Deora will step down from the board as he is not seeking reappointment, according to a regulatory filing.

Former bureaucrat Bimal Julka, a non-executive independent director of Paytm, has resigned from the board, according to the filing.

"Madhur Deora, Executive Director, President and Group CFO, being a director liable to retire by rotation at the ensuing Annual General Meeting (AGM), is not seeking reappointment at the ensuing AGM," the filing said.

Deora will continue in his full-time role as President and Group Chief Financial Officer of Paytm and will also support the CEO in expanding the business & strengthening profitability.

"I have been on the board for about two-and-a-half, three years. There was never the intention that this should be a permanent thing. We wanted one executive director on the board, so I did a term. Now our general counsel is being nominated for this," Deora said.

Paytm's general counsel Urvashi Sahai will be appointed as an additional director in the capacity of Whole-time Director and designated as key managerial personnel of the company for a term of five years.

"On a personal level, I have been very much looking forward over the last two or three years to drive some business priorities for the company. But quite frankly, we did not have the bandwidth with everything else that was going on. I am really looking forward to going back and driving certain big business initiatives and we just need to free up bandwidth for that," Deora said.