Paytm on Monday appointed Rajeev Agarwal as Non-Executive Independent Director on Monday, following Neeraj Arora's resignation.
The decision came during the Board meeting held on Monday, following the recommendation of the Nomination and Remuneration Committee. Agarwal assumed the role immediately for a consecutive term of five years, subject to regulatory approvals.
Arora tendered his resignation during the same board meeting due to prior commitments and personal reasons, the company said in a statement to the exchanges.
His resignation from the position of Non-Executive Independent Director takes effect immediately, the statement said, adding that he will also step down from the roles within the "Nomination and Remuneration Committee" and the "Investment Committee."
Earlier in the day, One 97 Communications Ltd., the parent company of Paytm, confirmed discussions with Zomato Ltd. regarding the potential sale of its "entertainment" business. This includes Paytm Movies and Insider, among other services, as detailed in exchange notifications issued on Sunday.
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