One 97 Communications, the parent company of Paytm, on July 22 said Madhur Deora will cease to be a director on the board after the upcoming Annual General Meeting (AGM), though he will continue in his executive role.
“Mr. Deora shall cease as a Director and Executive Director from the date of conclusion of the ensuing AGM, however, this change is limited to the Board composition only. He will continue in his full-time role as President and Group Chief Financial Officer of the Company, and will also support the CEO in expanding the business & strengthening profitability,” the company said in a regulatory filing.
Deora, a long-time executive at Paytm, had been serving as Executive Director, President and Group CFO, and his decision not to seek reappointment comes as part of the company’s regular retirement-by-rotation process at the AGM.
This comes on the back of Paytm swinging into the black for the first time in Q1FY26, posting a consolidated net profit of Rs 123 crore and a 28 percent YoY revenue growth.
Legal head Urvashi Sahai joins board as whole-time director
Separately, the board approved the appointment of Urvashi Sahai as a Whole-time Director and Key Managerial Personnel effective July 22 for five years. Sahai currently serves as General Counsel and Senior Vice President, Legal and has been with the company since 2020.
“Her appointment is in recognition of her long-standing contribution and active role in the Company’s operations,” the company said.
Prior to joining Paytm, Sahai led the legal function at Walmart India and was previously associated with Amarchand Mangaldas. Her appointment is subject to shareholder approval at the AGM.
Independent Director Bimal Julka resigns
The board also recorded the resignation of non-executive Independent Director Bimal Julka, who stepped down effective July 22, citing his interest in the areas of "emerging technologies and ease of doing business” as the reason for resignation.
“I hereby confirm that there are no other material reasons for my resignation other than as mentioned above,” Julka wrote in his resignation letter addressed to the board.
Julka, a former Chief Information Commissioner and 1979-batch IAS officer, had joined Paytm’s board in January 2025.
Paytm taps Adani arm to build long-delayed Noida campus
Paytm is also reviving its long-delayed IT/ITES campus in Noida’s Sector 159 and has appointed Manorview Developers, a wholly-owned subsidiary of Adani Infrastructure & Developers as the EPC contractor.
The Rs 800 crore project, originally allotted by the New Okhla Industrial Development Authority (NOIDA) in March 2018 before Paytm’s IPO, had seen delays as a proposed joint development with ACE Builders could not proceed in line with NOIDA rules and byelaws.
"In continuation of our earlier disclosure dated January 19, 2024, we also wish to inform that the
proposed Joint Development Agreement (“JDA”) with M/s. ACE Builders and Promoters Private Limited (“ACE”) could not be proceeded with in line with NOIDA rules and byelaws," it mentioned.
The company aims to complete the development within 60 months from the date of final plan approvals.
The board also approved the appointment of M/s Chandrasekaran Associates as the secretarial auditors for a five-year term starting FY26, subject to shareholder approval.
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