Paytm, 2 subsidiaries receive notice for FEMA violations worth ₹611 crore, OCL says ‘No impact on our services’
By : Sandhya
After receiving two show-cause letters for purported violations of the Foreign Exchange Management Act (FEMA), 1999, One 97 Communications (OCL), the parent company of the online payments platform Paytm, has once again gained attention. One 97 informed exchanges that notices were sent for ₹611.17 crore in transactions involving the business and its stakes in Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL), two of its subsidiaries.
According to the corporation, the notices were also sent to several of its executives and directors, both past and present. The contested transactions took place between 2015 and 2019, when LIPL and NIPL were not its subsidiaries, according to One 97. At more than ₹344.99 crore, LIPL is in charge of the most portion of these transactions, followed by OCL at more than ₹245.20 crore.