Softbank representative to step down from boards of Paytm, Policy Bazaar

Japanese investor Softbank will pull out its representative from the boards of Indian listed entities Paytm and Policy Bazaar as part of its global policy, a source said on Monday. There will be no change in investment made by Softbank in these companies, the source said.

Softbank managing partner Munish Verma is currently a board member in both Paytm and Policy Bazaar who will step down from the position within a couple of days.

"As part of global policy, Softbank's representative will step down from the board of listed companies in India. At present, there are two Indian entities in this case- Paytm and Policy Bazaar. These companies have been informed about the decision," another source aware of the development said.