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Paytm Faces Legal Notice Over Subsidiary Acquisitions

Paytm Faces Legal Notice Over Subsidiary Acquisitions

Paytm's parent company, One97 Communications, is under scrutiny from the Enforcement Directorate for alleged violations of foreign exchange rules. The notice, received on February 28, concerns the acquisition of two subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited, between 2015 and 2019. The allegations focus on certain investment transactions tied to these subsidiaries, which were not part of Paytm at the time of the alleged violations. Paytm assures customers that its services remain unaffected and is actively seeking legal advice to resolve the issue in compliance with the law.

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