One 97 Communications, the parent company of Paytm, said President and Group CFO Madhur Deora will step down from the board after the company’s upcoming Annual General Meeting, choosing to concentrate more closely on business execution.
Deora, who joined the board nearly three years ago, will continue in his full-time executive role at the company. “There was never the intention that this should be a permanent thing. We wanted one executive director… I’m really looking forward to trying some business initiatives that were deprioritised earlier,” he said on a post-earnings call with investors.
Founder and CEO Vijay Shekhar Sharma added that the change is aligned with Paytm’s strategy to sharpen its focus on profitability and growth. “We’ve gone focus, focus, focus. Madhur spending time as an operating representative is much more valuable. Many of our future growth line items are about profitability and expansion. So moving him from board duties to hands-on execution makes sense,” Sharma said.
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The board also approved the appointment of Urvashi Sahai as whole-time director for a term of five years, effective July 22, 2025. Sahai currently serves as General Counsel and Senior Vice President – Legal, and has been with the company since 2020. Her elevation reflects her longstanding contribution to Paytm’s operations and legal strategy.
Sahai is a seasoned legal professional with prior leadership roles at Walmart India and law firm Amarchand Mangaldas. At Paytm, she has led strategic legal initiatives, overseen regulatory compliance, and advised the board on governance and corporate matters. Her appointment is subject to shareholder approval at the forthcoming AGM.
Separately, the board accepted the resignation of non-executive independent director Bimal Julka, with effect from the close of business hours on July 22. Julka cited a desire to focus on areas such as emerging technologies and the ease of doing business. He will also step down from his role as a member of the company’s Nomination and Remuneration Committee.
In a letter to the board, Julka confirmed there were no other material reasons for his resignation and expressed willingness to support the company in other ways going forward.
Among other developments, the board approved the appointment of Chandrasekaran Associates as the company’s secretarial auditors for a five-year term beginning FY2025-26. The Delhi-based firm has over three decades of experience advising listed companies on regulatory compliance and governance matters.
The company also cleared the next steps in its plan to develop a 10-acre IT/ITES complex in Noida’s Sector 159.
It has appointed Manorview Developers, a subsidiary of Adani Infrastructure and Developers, as the Engineering, Procurement, and Construction (EPC) contractor for the Rs 800 crore project. The development is expected to be completed within five years of the approval of the final plan.
These governance and operational changes come as Paytm works to strengthen its profitability and streamline its strategic focus after several quarters of restructuring and regulatory scrutiny.
Edited by Kanishk Singh
