Manju Agarwal asked CMS Info Systems for a reappointment, however her choice was met with opposition.
Following her departure from Paytm Payments Bank Limited (PPBL), Manju Agarwal, a former deputy managing director of SBI, announced her resignation from the board of CMS Info Systems, according to the Economic Times.
After leaving PPBL, Manju Agarwal applied for a reappointment at CMS Info Systems, however her decision was criticised for selecting “preoccupation.” She was compelled, according to the report, to quit from CMS Info Systems on March 1.
After Paytm Payments Banks Limited was prohibited by the Reserve Bank of India (RBI), Manju Agarwal departed from PPBL. She resigned from PPBL, citing “personal commitments,” but she continued to serve on the boards of eight other businesses, including Glenmark Life Sciences and Polycab India.
Stakeholders Empowerment Services (SES), a proxy consulting firm, questioned her approach to “personal commitments,” claiming that her departure from PPBL was meaningless because the business was already scheduled to shut down in 28 days owing to RBI regulations.
Does the resignation indicate that PPBL will cease operations in the next 28 days, as reported by proxy advice company Stakeholders Empowerment Services (SES) in its report? Many doubts are raised by the resignation within a day of RBI action, even if it has been said that it was brought on by personal obligations. One can question how personal obligations come into play only when issues arise, and even then, it seems that they only impact one board position—not the other eight, which seem to be unaffected.”
