MAM
Plotting big moves Tribeca ropes in Dharam Mehta to lead new estates vertical
MUMBAI: Tribeca’s next chapter is being built brick by brick, and plot by plot with a fresh new leader at the helm. Tribeca Developers, known for its luxury real estate playbook, has appointed Dharam Mehta as managing partner of Tribeca Estates, a newly launched vertical focused on plotted developments, branded villas, and hospitality-led projects. With this move, the ‘trophy property’ developer is now stepping beyond high-rises to explore high-growth real estate segments with serious momentum.
An MBA from The Wharton School of Finance, Mehta brings with him a rich and varied track record across real estate investment, workspace strategy, and development. He’s held leadership roles at Wework India and Phoenix Workspaces and played a key role in scaling Delta Corp’s hospitality portfolio.
Tribeca Developers founder Kalpesh Mehta said, “I am thrilled to welcome Dharam to Tribeca. His deep expertise in real estate investment and operations aligns perfectly with our expansion into plotted developments and hospitality anchored projects. Dharam’s leadership, strategic mindset, and industry insights will be instrumental in shaping this new vertical and strengthening Tribeca’s position as a leader in innovative real estate solutions.”
On his appointment, Dharam Mehta said, “I am excited to join Tribeca at such a pivotal moment. They have set new benchmarks in luxury real estate, and I look forward to leading its entry into plotted developments. This new vertical presents immense opportunities, and I am eager to leverage my experience to create lasting value and deliver best-in-class real estate offerings.”
As India’s demand for gated plots, weekend villas, and lifestyle-led real estate rises, Tribeca’s Estates vertical is poised to meet it with the same design-first, quality-led approach that built its name. With Mehta now in the driver’s seat, the groundwork for a new kind of real estate play is officially in motion.
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
