MAM
The Good Glamm Group appoints Kamal Lath as the group CFO
Mumbai: The Good Glamm Group, South Asia’s largest DTC beauty & personal care conglomerate announces the appointment of Kamal Lath as group chief financial officer. A Harvard Business School alumnus, and with over 23 years of extensive experience across diverse industries and global exposure, Kamal brings a wealth of expertise in finance, strategy, and leadership to his new role.
As the newly appointed Group CFO at Good Glamm Group, Kamal Lath will be at the forefront of our financial strategy and execution, playing a pivotal role in shaping the company’s next phase of growth. With his extensive experience in global markets, Kamal will also be instrumental in driving our global expansion plans. His impressive track record includes successfully leading businesses through scale-up initiatives, fundraising endeavors, and M&A integrations across multiple geographies.
Prior to joining the Good Glamm Group, Kamal held significant positions at renowned organisations including, Case New Holland (CNH), L&T Mindtree, K12 Technoservices (Orchids International Schools), and d.light, where he served as global CFO. Additionally, Kamal served as a Venture Partner at Avaana Capital, a climate and sustainability-focused Venture Capital Fund. He actively supports and mentors promising startups, focusing on technology-led innovations. These values mirrored the Group’s commitment to inclusive beauty, responsible care, and serving the aspirations of its communities.
“I’m excited to join Good Glamm Group as Group CFO, bringing my global financial experience to drive growth and innovation. It’s an exciting time in the D2C startup space and joining Good Glamm Group as it gears up for major international expansion is thrilling. I look forward to working with a visionary team dedicated to shaping the future of beauty and personal care, and together, we’ll aim for success and operational excellence.” said Good Glamm Group group CFO Kamal Lath.
Good Glamm Group group founder and CEO Darpan Sanghvi expressed his enthusiasm about Kamal Lath joining the team, “Kamal’s extensive experience and proven track record in finance and business leadership make him an invaluable addition to our team. He brings with him a wealth of global financial knowledge that will help the group strategically further its international expansion plans. We are confident that his vision and expertise will fuel our continued growth and success.”
A distinguished academic background complements Kamal Lath’s professional achievements. He holds qualifications as a Chartered Accountant and Certified Public Accountant (USA) and is an alumnus of Harvard Business School (HBS). His expertise spans various domains, including corporate and business strategy, P&L management, operational excellence, design thinking, and cross-cultural collaboration, making him a valuable addition to our leadership team.
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.
