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.
The source said that Softbank in 90 per cent of the portfolio companies globally has exited within six months. "The Indian companies need to inform stock exchanges. The development will take place in a day or two," the source said.
Softbank declined to comment on the matter while a query sent to Paytm and Policy Bazaar did not elicit any immediate reply.
