In its filing Paytm said that Layoff reports were baseless and inaccurately represent the company’s operational and strategic planning.
One97 Communications Ltd (OCL), Parent company of Paytm, announced that Senior Vice President, Praveen Sharma, has resigned from his position on March 23.
In the release company said, Sharma is stepping down to pursue opportunities in the next phase of his professional journey. Sharma worked in Google for 9 years and covered India and the APAC region.
Amid speculations of layoff in the company, denying the reports it suggested 25-50 percent workforce reduction in specific business segments.
In its filing Paytm said that such reports were baseless and inaccurately represent the company’s operational and strategic planning.
Paytm On Layoffs
It further added that Paytm is currently engaged in its annual appraisal process, a routine organizational practice aimed at assessing and enhancing team performance. This process, focused on performance evaluations and role alignments, is standard across industries and is not indicative of layoffs.
The company claimed that its restructuring efforts and performance-related adjustments are misconstrued as layoffs and the company reassures its commitment to growth and operational efficiency without compromising its workforce’s stability.
Paytm In Exchange Filing
In the exchange filing the company said that the claims of layoffs affecting 50% of our workforce are unfounded and misleading and they are focused on sustainable growth, innovation, and providing exceptional service to our customers. It added, “We urge our stakeholders and the public to rely on factual and verified information from official sources and disregard speculative narratives.”
It also stated that the company remains dedicated to its mission of leading the digital payments and financial services landscape in India, reinforcing its commitment to innovation, customer service, and team development amidst unfounded layoff speculations.
Vijay Shekhar Sharma Resigned In February
Earlier, on February 26. Paytm founder Vijay Shekhar Sharma stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL). The Paytm Payments Bank has reconstituted the board, according to the reports.
Notably, the Reserve Bank of India (RBI) has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliance and continued material supervisory concerns in the bank.
(With Inputs From ANI)