(This story originally appeared in on Jul 07, 2021)MUMBAI: Ahead of Paytm’s initial public offering (IPO), all Chinese nationals representing key investor Ant Group have stepped down from the board. While Ant Group continues to have a representative on board, the employee is a US national based in Florida.
According to filings with the registrar of companies, Jing Xiandong of Alipay and Guoming Cheng of Ant Financial, both Chinese nationals, have ceased to be directors of the company. Additionally, Micheal Yuen Jen Yao, a US national, and Ting Hong Kenny Ho, a Chinese national of Alibaba based in Hong Kong, also ceased to be directors.
Chinese nationals step down from Paytm board ahead of planned IPO; no change in shareholding
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Paytm board has no Chinese national ahead of planned IPO; no change in shareholding
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Paytm rejigs top deck ahead of IPO, Ant Group’s Douglas Lehman joins board
A Sadhu or a Hindu holy man pays the vendor through Paytm, a digital wallet company, after buying a book during the annual religious festival of Magh Mela in Allahabad, India, January 26, 2017. REUTERS/Jitendra Prakash
July 7, 2021
One97 Communications Ltd., which operates the Paytm brand has reshuffled its board of directors, as the company targets to float its initial public offering (IPO), worth $2.2 billion-$3 billion, later this year.
Douglas Lehman Feagin, senior vice president, at Ant Group has joined Paytm’s board replacing Ant Group chairman and chief executive officer, Jing Xiandong (Eric). Xiandong has tendered his resignation from the board of One97 Communications, according to company filings with the registrar of companies (ROC).
Chinese nationals step down from Paytm board ahead of planned IPO
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