Douglas Feagin resigned as non-executive, non-independent director of Paytm with immediate effect. It is hereby informed that Mr. Douglas Feagin , NonExecutive, Non-Independent Director of the Company, has tendered his resignation vide letter dated February 2, 2023, with immediate effect, One 97 Communications Ltd or Paytm informed in a regulatory filing.
Feagin's resignation letter:
Thank you for the opportunity to serve together on the board of One 97 Communications Limited (“Paytm") over the course of the past year. Paytm’s journey to achieving profitable financial services of scale in India has been inspiring. In recognition of the company’s growth as a publicly listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign from my position as a director on the Board of Directors of Paytm.
I remain confident in Paytm’s management team and wish for their continued success.
In other news, Paytm is expected to be a key beneficiary of India's latest UPI incentive scheme, said brokerage and global investment firm Morgan Stanley.
"Apart from banks, Paytm should be a key beneficiary of the above (scheme). On our estimates, Paytm would have received 5-7 per cent of the FY22 incentive, and assuming a similar share for FY23, this would represent 3-5 per cent of our contribution profit estimate (1 per cent higher than what we previously assumed for FY23)," the brokerage firm also mentioned.