Paytm Files Petition for Resignation of Board Members
Following the news of Paytm’s board reshuffle earlier in the day, the company reportedly filed a petition seeking the resignation of all of its board members after it was “forced to pay some Rs 4,800 crore to the Insolvency and Bankruptcy Code of India (IBCI) and a further Rs 4,000 crore to the IBCI.
According to the report, the petition, filed at the Karnataka High Court, was dismissed by the court on Tuesday, and the board’s resignation was not accepted.
The board was to meet the court on Wednesday to discuss the dismissal.
A source told IANS that the petition against the board’s resignation is in response to the “new board”.
The court case was filed by the Insolvency and Bankruptcy Authority of India (IBA) after it decided to seek the cancellation of Paytm’s bankruptcy.
It had decided to file the case against Paytm following the board’s decision to appoint two new members to the board following the recent shake-up.
In a petition, IBA has asked the court to cancel the petition filed by Paytm. “Paytm’s petition before this court is an attempt to seek the resignation of the members of the board and the appointment of a new board that does not have the support of any of the former members,” a petition was filed.
The insolvency and bankruptcies board, which is an independent body, is under the IBA Act and it is not a court. It has its own lawyers from Delhi, Bangalore and Mumbai to handle the business of insolvency.
Paytm has said that it will take the case to the Supreme Court.
“We don’t want to move a case to the Supreme Court. It is not our decision to seek the resignation or resignation of the board. There will be no resignation as per the constitution,” Paytm CEO Vijay Shekhar Sharma told IANS. “However, we are willing to take the case to a higher forum,” he added.
Breaking News in Startup Universe
The news that it is not possible to have an Apple Store without having a physical store or store location is getting its very own article. It is now the very first article to be published on it’s own website in the field.
Source: MyAppleStore.
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Razorpay and Mastercard launch MandateHQ for Recurrence Payments.
Article Title: Razorpay and Mastercard launch MandateHQ for Recurrence Payments | Computer Networking. Full Article Text: This article describes the MandateHQ for Recurrence Payments integration which provides the ability to pay money between two or more merchants using a recurring payment method. The article also covers some of the challenges associated with managing a recurring payment method.
Mastercard, one of the largest payment providers on the planet, is now offering the service of recurring payment over its own website. The integration is a good first step in providing the ability to pay merchants using their own website, though many of these merchants may have a limited understanding of a recurring payment method.
The integration was provided through a new plugin and has been available for a little over two months. Many of the merchants that are interested in this new feature have had some initial trouble with the implementation and lack of communication, but the company has made it a priority to get the plugin built and into the hands of merchants as soon as possible.
The benefit for merchants is that they will be able to receive a recurring payment for their goods and services. The payment will be made from Mastercard’s website and is paid directly to either a merchant or an agent. So, no separate credit card is required in a transaction for these merchants.
Some examples of the types of merchants that might be able to benefit include: a small business needing to purchase goods and services from their local grocery store, a restaurant needing to pay monthly restaurant taxes, a medical supplier needing to pay for their supplies, a school that needs to purchase textbooks, and so on.
When the plugin is installed, it will appear under the ‘Orders’ section of the checkout page for the merchant. The plugin provides a ‘Add Merchant’ button to add the merchant and will automatically be included in the checkout process. If the plugin is not installed, the merchant will be informed of their purchase by their contact information.
The benefit to the merchant is that they will be able to pay for their goods and services using their contact information. If both parties wish to pay for their items, the same payment will be made to them, but both parties will be redirected to another page to complete their transaction. The payment will be made from their website.
As with any recurring payments, the amount that will be charged is dependent on the length of time that the parties have been a party to the system.
Wise, the UK’s Fintech Hub.
Article Title: Wise, the UK’s Fintech Hub | Computer Networking. Full Article Text: Introduction. What is Fintech? Fintech is the concept of using software to provide financial services. It is the latest example of a phenomenon in which technology is being used to promote financial services to consumers. However, it has been slow to emerge on the UK’s political agenda. Instead of being introduced into British legislation as a new addition to government’s digital strategy, it was adopted at a time when the UK was attempting to build up its capacity in digital technology. As a means of promoting digital technology, Fintech was seen as an alternative to the existing technology-driven banking industry. However, the concept is controversial because it is about the use of software to provide financial services and is based on creating a new form of money, although the UK is not a “single currency” country.
The Future of Fintech. The next phase of Fintech is to allow the use of financial technology in financial services as a means to promote digital service provision to users. However, this use of financial technology is not without its problems. There are many aspects of Fintech that, in the current regulatory context, seem problematic to regulators and industry stakeholders (see below for a discussion on this). The potential for Fintech to disrupt traditional industries is also a significant concern.
The UK’s Fintech Policy. The UK’s Fintech Policy was announced in 2005. The following year, the policy was revised and published with recommendations for legislative policy that were to follow. In 2006 a draft copy was made available to the government and private sector. The policy is intended to be used alongside the regulatory framework as a means of developing digital services.
Current Regulatory Framework. As mentioned, the UK has two regulators. The Financial Conduct Authority (FCA) is the UK’s regulatory body charged with regulating banking, securities, and credit card businesses. The Financial Services Authority (FSA) is the UK’s industry regulator. The FSA was established in 2006 to create a regulatory framework for the financial services industry. It was replaced by the Financial Services Authority in October 2008.
The FSA is an industry-led regulator that is charged with promoting financial services to a broad range of markets in the UK, including financial services, insurance, real estate investment and residential.
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Spread the loveFollowing the news of Paytm’s board reshuffle earlier in the day, the company reportedly filed a petition seeking the resignation of all of its board members after it was “forced to pay some Rs 4,800 crore to the Insolvency and Bankruptcy Code of India (IBCI) and a further Rs 4,000 crore to the…