Japanese investment bank Softbank representative on Indian fintech firms Paytm and Policybazaar, Munish Verma is stepping down from the companies’ boards. Two people in the know confirmed the development.
The decision to step down from the boards of listed company is part of Softbank’s global strategy to not be on boards of listed companies.
“The bank has communicated this aspect to the companies at the time of the listing. They prefer not to be part of the boards of listed companies as their primary goal is of investment. In very few selective cases Softbank has stayed on board of few investee firms,” said a source in the know. Softbank will however retain the investments that it has in these firms.