 "paytm")
Paytm’s parent One97 Communications (OCL) confirmed that Manju Agarwal, an independent director at Paytm Payments Bank (PPBL), has resigned from its board on 1 February citing ‘personal commitments’.
“We hereby submit that PPBL is our associate entity and this event is not deemed material for the company and does not impact the operations/business of the company,” OCL said.
There were four independent directors at the payments bank. These include Manju Agarwal, Shinjini Kumar, a seasoned banker, Ramesh Abhishek, a former bureaucrat, and Pankaj Vaish, who is a startup mentor and former managing director of Accenture.
Agarwal, a former deputy managing director of the State Bank of India, resigned from the board this month.
Meanwhile, the board of OCL, last week, announced the setting up of a three-member group advisory committee to strengthen corporate governance matters within the firm. Paytm Payments Bank also floated a request for proposal (RFP) from external auditors.
Former Securities and Exchange Board of India (Sebi) chairman M Damodaran will head this committee and work with the OCL board to strengthen compliance and regulatory matters.
