Manju Agarwal has stepped down from her role as an independent director at Paytm Payments Bank Limited (PPBL), as disclosed in a regulatory announcement by Paytm. The fintech company reported that Agarwal’s resignation, effective from February 1, 2024, was attributed to her personal obligations, with the PPBL board acknowledging her resignation on February 6, 2024.
Paytm further mentioned that PPBL is a related entity and Agarwal’s departure is not considered significant to the company’s operations or business, in accordance with the guidelines of SEBI’s Regulation 30.
Additionally, on February 9, Paytm announced the formation of a three-member advisory council, led by M Damodaran, the ex-chairman of SEBI, to assist PPBL in regulatory and compliance matters.
The council also includes R Ramachandran, the former MD and chairman of Andhra Bank, and MM Chitale, the ex-president of the Institute of Chartered Accountants of India (ICAI), and is overseen by businessman Vijay Shekhar Sharma.
