Munish Varma resigns from Paytm board

Munish Varma, managing associate at GentleBank, on Tuesday resigned from the board of One97 Communications, the father or mother agency of Paytm. Varma was a non-executive and non-independent director on the board of the corporate which owns the Paytm app. The resignation is in step with GentleBank’s said follow of stepping down from the boards of investee corporations submit an inventory.

Following the resignation of Varma, Vikas Agnihotri, his alternate director, additionally stepped down, Paytm stated in an alternate submitting.
GentleBank at present holds a 17.4 per cent stake in Paytm, current shareholding information from BSE reveals.

Last week, Reserve Bank of India disallowed Paytm Payments Bank from onboarding new clients.

The central financial institution’s order has damage the corporate’s share value, which crashed to a document low of Rs 585 on Tuesday.

On the NSE, it plunged 12.71 per cent to settle at Rs 589.