Rajeev Krishnamuralilal Agarwal, a former full-time member of Sebi, has been recruited by Paytm to the board as a non-executive independent director.

Neeraj Arora resigned, citing personal commitments. Before the Paytm IPO, Arora was a member of the board until he had previously left in early 2018.

Arora had a big role in negotiating WhatsApp's merger agreement with Facebook, the dominant social media platform. He is a co-founder of Venture Highway, a venture capital business, and his social networking platform, Hallo App.

Agarwal oversaw and managed the policy of significant equity, departments dealing with markets, bonds, currency and commodities, mutual funds, foreign investors, international affairs, and corporate governance, among other things, during his time on the SEBI Board, according to reports.

Zomato, a food delivery service, earlier in the day said that negotiations to buy fintech Paytm's movie and event ticketing division were still underway.

The Board at its meeting based on the recommendation of the Nomination and Remuneration Committee, has approved the appointment of Shri Rajeev Krishnamuralilal Agarwal as a Non-Executive Independent Director of the Company with immediate effect for a term of five (5) consecutive years, according to reports.

Zomato says, “We acknowledge that we are in discussions with Paytm for the aforementioned transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law.”

The Company routinely explores various strategic opportunities aimed at enhancing shareholder value. The potential transfer of Paytm's Entertainment business, a component of the Marketing Services, is one opportunity under consideration.