Paytm is bringing an IPO of $ 2.2 billion. The company is fully gearing up before bringing the IPO. But in the meantime, now a strange obstacle is coming.
Paytm is bringing an IPO of $ 2.2 billion before Diwali. The company is fully gearing up before bringing the IPO. But in the meantime, now a strange obstacle is coming. This breaker is Ashok Kumar Saxena, 71-year-old former director of the company. Ashok Kumar has requested market regulator SEBI to stop the IPO. They allege that he is the co-founder of the company and two decades ago he had invested $27,500 (Rs 20.42 lakh) in the company but he never got shares in the company. Also Read: Alert! Jan Dhan Account: 6 crore Jan Dhan accounts inoperative as per finance ministry, check details
Paytm told fake claim
According to Reuters, Paytm has called Ashok Kumar’s claims fake and filed a case of exploitation against him at a Delhi police station. Paytm had issued the issue application in July. But due to this criminal case, Paytm’s IPO may get a setback. Ashok Kumar Saxena is clearly denying that he is exploiting Paytm. He said that Paytm is in a high-profile position and his personal status is not such that he can exploit Paytm. It is reported that Saxena has approached market regulator SEBI to stop the IPO of Paytm. However, SEBI has not given any statement in this matter yet. Also Read: Good news: Now you will get ‘guaranteed return’ under NPS, know what is the preparation
There may be a delay in the IPO coming,
Sriram Subramanian of shareholder advisory firm InGovern said that due to this dispute, Sebi may order an inquiry or the IPO may be delayed. Subramanian said, “Sebi will ensure that post listing, it does not affect the company and its shareholders.” Also Read: Start your business by taking franchise of Amul, Post Office or Aadhar, earning in lakhs every month, know the way
Learn about the case in detail?
The root of this entire controversy is a one-page agreement signed by Ashok Kumar Saxena and Paytm’s billionaire CEO Vijay Shekhar Sharma in 2001. According to this, Saxena will get 55% stake in Paytm’s parent company One97 Communications and the rest will be held by Sharma. However, Paytm also refused to say anything in this matter. Also Read: RBI Approved: This Bank got the biggest approval till now, there will be a direct impact on crores of customers
However, in this case, Paytm told the Delhi Police that it was just a letter of intent and no deal was done on it. Paytm has also shown this agreement to Delhi Police. While filing a complaint with the Delhi Police, Paytm said that Saxena is not the co-founder of the company.
According to the initial documents of Paytm with the government, Ashok Kumar Saxena was the director of the company between 2000 and 2004. In response to the police, Paytm has agreed that he was one of the first directors of the parent company of the company. But gradually his interest in the company ended.
Paytm’s Argument
Paytm has argued that in 2003-2004, it had transferred the shares of the company and Saxena had also given his personal consent to it. However, on the other hand, Saxena says that he never got the shares of the company and there was no agreement with him.
When asked why Saxena remained silent for so many years again, he said, there were some medical issues in his family and documents were lost. Saxena told that he got these documents in the summer last year. He said, “Shares and money are one thing but I also want him to be recognized as the co-founder of the company. It is a question of the coming generations.” Now this matter has reached the Delhi court. The hearing of this matter will now be held on 23 August.
