Paytm gets show cause notice over alleged FEMA violations; company clarifies the compliance lapses go back to …
One 97 Communications (OCL), the operator of the Paytm Digital Payments app, has been issued a show cause notice by the Directorate of Enforcement (ED) for alleged foreign exchange rule breaches totaling Rs 611 crore across the company and two of its subsidiaries. In a BSE filing on Saturday (March 1), OCL disclosed that the notice, dated February 27, pertains to supposed violations of specific provisions under the Foreign Exchange Management Act (Fema).
According to OCL, the ED pinpointed non-compliance involving Rs 245 crore at OCL, Rs 345 crore at Little Internet, and Rs 20.9 crore at Nearbuy India. These alleged violations stem from certain investment transactions within these entities, the company explained.
