SoftBank exec Paul Davison resigns from Firstcry board
Firstcry noted that the resignation was executed due to SoftBank’s internal compliance requirements.
SoftBank representative Paul Davison has resigned as a non-executive director of Brainbees Solution, the parent company of Firstcry, an omnichannel kidswear brand.
"Paul Alexander Davison, Non-Executive Director [Nominee of SVF Frog (Cayman) Ltd (“SoftBank”)] has tendered his resignation from the post of Non-Executive Director with effect from closing business hours of October 21, 2024," read an exchange filing by the company.
Davison’s resignation was executed due to SoftBank’s internal compliance requirements, said Pune-based Firstcry.
The composition of the company’s board continues to be in compliance with the requirement of the applicable laws, noted Firstcry, which is backed by Japanese investment firm SoftBank.
This development comes just a day after GlobalBees Brands Private Limited, a subsidiary of FirstCry parent Brainbees Solutions, acquired a 24% of stake in Dynamic IT Solution for a total cash consideration of Rs 4.5 crore.
Dynamic IT Solution designs, trades and supplies software, sports and fitness accessories under the brand name of Strauss. It clocked a turnover of Rs 27.4 crore in 2024.
On Tuesday, Firstcry received a notice from the Karnataka GST authorities for FY 2020-21 pertaining to a discrepancy between input tax credit availed as per GSTR-3B and the credit reflected in GSTR-2A.
Firstcry plans to address the notice and resolve the matter in due course.
Shares of the company were trading 0.62% higher at Rs 636.75 apiece on NSE at 11:00 AM today.
Edited by Swetha Kannan