One97 Communications Ltd., which runs digital payments firm Paytm, has appointed financial services veteran GS Sundararajan as an independent director to its board, the company said in a stock exchange filing. Sundararajan has been appointed for a term of five years until August 27, 2027. Sundararajan was earlier the group director of Shriram Group and was also the chief executive officer (CEO) and managing director (MD) of Fullerton India Credit Company Ltd., a registered non-banking finance company which caters to retail and commercial mass market customers.

Prior to Fullerton, Sundararajan was the MD of small and medium enterprises (SME) and asset based finance business practice at Citibank India.Along with this, Paytm also announced the retirement of long-time independent director, Mark Schwartz, upon completion of his tenure. Paytm had appointed former chairman of Goldman Sachs' Asia Pacific region, Schwartz to its board in October 2016. The changes to Paytm's board come at a time when shareholders, last week, approved the resolution to reappoint founder Sharma as managing director [1] of the company for five years from December 19, 2022 until December 18, 2027.

Other resolutions which shareholders passed included Sharma's remuneration for the next three financial years, reappointment of Madhur Deora as executive director, president and chief financial officer (CFO) of the company, reappointment of early-backer Elevation Capital's co-managing partner, Ravi Adusumalli as director of the company.