Paytm crisis' impact on board members: Manju Agarwal resigns from CMS Info - Hindustan Times

Paytm crisis' impact on board members: Manju Agarwal ‘forced to’ resign from CMS Info

Mar 06, 2024 11:47 PM IST

Manju Agarwal sought reappointment in CMS Info Systems but her decision faced criticism.

Former SBI deputy managing director Manju Agarwal resigned from the board of CMS Info Systems as the former Paytm independent director struggles following her resignation from Paytm Payments Bank Limited (PPBL), Economic Times reported.

Paytm app is seen on a smartphone | Image for representation (Reuters)
Paytm app is seen on a smartphone | Image for representation (Reuters)

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Manju Agarwal sought reappointment in CMS Info Systems but her decision faced criticism due to her leaving PPBL as she was accused of selective "preoccupation." Owing to this, she was forced to resign from the CMS Info Systems on March 1, the report claimed.

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Manju Agarwal left PPBL following Reserve Bank of India's (RBI) ban on Paytm Payments Banks Limited. While she cited "personal commitments" as the reason for her resignation from PPBL, she remained on the boards of eight other companies, including lGlenmark Life Sciences and Polycab India.

Proxy advisory firm Stakeholders Empowerment Services (SES) questioned her approach to “personal commitments” saying that her resignation from PPBL was of no value as the company was already set to cease operations within 28 days due to RBI's restrictions, the report claimed.

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As per the report, proxy advisory firm Stakeholders Empowerment Services (SES) asked in its report, “Does the resignation carry any meaning, as in the next 28 days PPBL was to go out of business anyway? The resignation within a day of RBI action raises lots of questions, although a colour has been given that resignation is due to personal commitments. One wonders as to how personal commitments get triggered only after a problem surfaces and that too it appears that personal commitment affects only one position, not eight other board positions and rest can continue unaffected."

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