Japanese investor SoftBank has decided to remove its representatives from the board of directors of Indian listed companies Paytm and Policy Bazaar as part of a global policy. Sources gave this information on Monday. Sources said that SoftBank, however, will not make any changes in the investments made in these companies.
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SoftBank’s managing partner Munish Verma is currently a member of the boards of directors of both Paytm and PolicyBazaar. He will now step down from the board of directors after a few days. Another source with knowledge of the development said, “As part of its global strategy, representatives of SoftBank will step down from the boards of companies listed in India. We currently have representatives on the Board of Directors of Paytm and Policy Bazaar. These companies have been informed about this.
SoftBank declined to comment on the matter, while a query sent to Paytm and PolicyBazaar was yet to be responded to by both the companies.