Representatives of SoftBank Group Corp will step down from the boards of Indian digital funds agency Paytm and the dad or mum of on-line insurance coverage aggregator Policybazaar, an individual with direct information of the matter mentioned.
The choice is a part of SoftBank’s international technique to exit from the boards of most of its listed portfolio corporations, mentioned the supply, including that the Japanese tech conglomerate anticipated it might go away fewer regulatory points to deal with.
SoftBank will, nonetheless, retain its shareholding within the two Indian corporations, added the supply, who spoke on situation of anonymity because the matter has not but been made public.
SoftBank, Paytm and Policybazaar didn’t instantly reply to Reuters request for remark.
Each Paytm, formally generally known as One97 Communications, and PB Fintech Ltd, the dad or mum of Policybazaar, went public final yr. Enterprise information web site Moneycontrol first reported the event.
© Thomson Reuters 2022
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