Paytm news update:
Neeraj Arora, Paytm’s independent director, resigned from the board on Monday due to personal commitments. He will also step down from the Nomination and Remuneration Committee and the Investment Committee, as stated in an exchange filing by Paytm. Rajeev Krishnamuralilal Agarwal, a former IRS officer and SEBI Whole Time Member, will join the board as a non-executive independent director.
Agarwal, an IIT Roorkee graduate, has extensive experience in securities, commodity markets, and taxation. He has served at SEBI and the Forward Markets Commission and has interacted with international regulatory bodies such as IOSCO.
Vijay Shekhar Sharma, Founder & CEO of the company, welcomed Agarwal, highlighting his regulatory expertise. Sharma also expressed gratitude to Arora for his significant contributions to the company. Arora’s resignation coincides with allegations from Paytm employees about unfair layoff practices. The company has been reducing its headcount, with several top executives, including Bhavesh Gupta, the former president and COO, departing amid declining sales. Gupta resigned in May, reportedly due to personal reasons, though sources cited dissatisfaction with his performance by CEO Sharma.
Following Gupta’s exit, Ajay Vikram Singh, Chief Business Officer overseeing UPI and user growth, and Bipin Kaul, CBO for Offline Payments, also stepped down amid company restructuring. Paytm indicated that Sharma would take a more active role in operations during this period.
