Paytm's Independent Director Neeraj Arora Steps Down; Rajeev Agarwal To Join As Non-Executive Independent Director

Neeraj Arora, an independent director at Paytm, has resigned due to personal commitments. He will also step down from two company committees. Rajeev Krishnamuralilal Agarwal, an IIT Roorkee graduate and former IRS and SEBI officer, will join as a non-executive independent director.

Paytm's Founder and CEO Vijay Shekhar Sharma, welcomed Agarwal and thanked Arora for his contributions. Arora's departure coincides with allegations of unfair layoffs at Paytm and a decrease in the company's headcount and sales.

Bhavesh Gupta, former president and COO, and other top-level executives have also left the company. Paytm's Q4 earnings revealed a shift in focus to a distribution-only credit model due to macroeconomic conditions affecting repayments.