FEMA Violations: ED sends notice to Paytm’s parent company One97 Communications
New Delhi| The company said, this is in connection with the acquisition of two subsidiaries Little Internet Private Limited (LIPL) and Nearby India Private Limited (NIPL) as well as certain directors and officers by the company under the Foreign Exchange Management Act, 1999 (‘FEMA’). Regarding alleged violation of certain provisions for the years 2015 to 2019.
Notice to officers including current and former directors
The notice has been issued to One97 Communications Limited, its two acquired subsidiaries LIPL and NIPL, and some current and former directors and officers of the company and its two subsidiaries, the information said.
Both companies were acquired in 2017
Paytm said that the focus is on resolving the matter as per applicable laws and the matter will not have any impact on Paytm’s services to its consumers and merchants and all services are fully operational as usual. And are safe. Paytm acquired both companies in 2017.
