Digital financial services firm One97 Communications, which operates under the Paytm brand, has sought shareholders approval for a transaction totalling Rs 3,250 crore with Paytm Payments Bank Limited. The transaction includes availing of services of up to Rs 1,550 crore from the Paytm Payments Bank and rendering of services of up to Rs 1,700 crore to the bank. Paytms Postal Ballot notice seeks approval of shareholders for “Approval of Material Related Party Transactions with Paytm Payments Bank Limited”. The voting on the agenda will commence in the morning of February 22 and close on the evening of February 23. The proposal was approved by the companys shareholders in February 2022 but the company has to again seek approval following a SEBI circular issued on April 8, 2022, which restricts approval of validity to one year for related party transactions.
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