The Enforcement Directorate (ED) has issued a notice to One97 Communications, the parent company of Paytm, over alleged violations of FEMA regulations during the acquisition of two subsidiaries. According to an exchange filing, One97 Communications received the notice on February 28 concerning its subsidiaries, Little Internet Private Limited and Nearbuy India Private Limited.
One97 Communications informed the Bombay Stock Exchange (BSE) about this development, stating that the ED notice pertains to alleged contraventions of the Foreign Exchange Management Act, 1999 (FEMA) between 2015 and 2019. The contraventions are related to the company’s acquisition of Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL, formerly Groupon), as well as certain Directors and Officers involved.
ED has issued a notice to One97 Communications Limited (OCL), along with its subsidiaries Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL), and certain current and former Directors and officers. The notice pertains to alleged contraventions of FEMA rules related to investment transactions involving OCL, LIPL, and NIPL between 2015 and 2019.
