Paytm KMP Amit Khera Resigns As Compliance Officer, Company Secretary

Paytm’s company secretary and compliance officer Amit Khera has tendered his resignation, the fintech major informed the bourses on Friday (March 3). His last working day at the company will be March 14.

In the meanwhile, Sonali Singh will take over as the interim compliance officer of the listed unicorn and will monitor and ensure compliance of securities laws, redressal of investor grievances, among other activities. 

“… we wish to inform you that Mr. Amit Khera… has tendered his resignation from the position of Company Secretary and Compliance Officer of the Company… The company will undertake requisite steps for appointment of a Company Secretary. In the interim period Ms. Sonali Singh has been appointed as an interim compliance officer of the company,” said Paytm. 

Singh will take charge as the interim official from March 15. The disclosure was necessitated as Amit Khera is one of the key managerial personnel (KMP) at the fintech major. 

In its regulatory filing, Paytm said that the interim compliance officer is a Company Secretary with more than 13 years of experience under her belt. Prior to joining Paytm, Singh also worked with the government-owned State Bank of India (SBI) and aviation major IndiGo.

This comes weeks after Chinese internet major Ant Group’s senior vice president Douglas Feagin resigned as a non-executive, non-independent director of Paytm. 

The fintech major recently concluded its share buyback, under which it bought back 1.55 Cr shares worth INR 849.83 Cr.

As per reports, Paytm’s investors SoftBank and Ant Group are looking at trimming their stakes in the company for reasons ranging from regulatory compliance to padding their losses. However, the fintech giant said it is not aware of any such development. 

Paytm trimmed its Q3 FY23 loss 50% year-on-year (YoY) to INR 392.1 Cr while it also achieved its target of EBITDA profitability, without ESOP cost, in the same quarter.

Shares of the company ended 3.9% higher at INR 628.05 on the BSE on Friday.