Legal2 Mar 2025, 12:43 am
Paytm Receives Show Cause Notice from Directorate of Enforcement, Government of India
AI Summary
One 97 Communications Ltd, the parent company of Paytm, has received a show cause notice from the Directorate of Enforcement, Government of India. The notice is in relation to alleged contraventions of certain provisions of the Foreign Exchange Management Act, 1999 (FEMA) for the years 2015 to 2019. The allegations are in relation to Paytm's acquisition of two subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited, along with certain Directors & Officers. The company is seeking necessary legal advice and evaluating appropriate remedies to resolve the matter in accordance with applicable laws and regulatory processes.
Key Highlights
- Paytm receives show cause notice from Directorate of Enforcement, Government of India
- Alleged contraventions of certain provisions of the Foreign Exchange Management Act, 1999 (FEMA) for the years 2015 to 2019
- Related to Paytm's acquisition of two subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited
- Paytm is seeking necessary legal advice and evaluating appropriate remedies
- No impact on Paytm’s services to its consumers and merchants, and all services are fully operational and secure