Digital financial services firm One97 Communications' biggest shareholder Ant Financial has pulled out its nominee from the board of the company, according to a regulatory filing.
The Alibaba Group firm holds around 25 per cent stake in One97 Communications which operates under the Paytm brand.
"Paytm’s journey to achieving profitable financial services of scale in India has been inspiring. In recognition of the company's growth as a publicly listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign from my position as a director on the Board of Directors of Paytm," Paytm non-executive director, Douglas Feagin said in his resignation letter.
The letter was shared by One97 Communications in a regulatory filing.
Feagin was appointed as an additional director of the company with effect from July 5, 2021.
Chinese conglomerate Alibaba last month sold a 3.1 per cent stake, nearly half of its direct shareholding, in One97 Communications in an indication of exiting the Indian market.
