The different promoters of One97 Communications, the parent company of Paytm, have collectively paid Rs 3.32 crore to settle allegations of violations raised by SEBI. The alleged violations are with respect to certain regulations of SEBI relating to LODR and ICDR.
Executives include former compliance officer Amit Khera, ex-independent directors Ashit Ranjit Lilani, Neeraj Arora, Mark Schwartz, and Pallavi Shardul Shroff, and former directors Douglas Feagin, Munish Varma, and Ravi Chandra Adusumalli.
Key Allegations:
- Failing to ensure regulatory compliance in Paytm’s public disclosures.
- Approving public offer documents with inaccurate statements and incomplete disclosures about the company’s promoter status.
- Decisions benefiting Vijay Shekhar Sharma, Paytm’s Managing Director and CEO, and his relatives, violating norms of independence in decision-making by the board.
Penalties Paid:
- Ashit Ranjit Lilani and Neeraj Arora paid Rs 53.62 lakh each.
- Ravi Chandra Adusumalli, Mark Schwartz, Pallavi Shardul Shroff, Douglas Feagin, and Munish Varma paid Rs 42.9 lakh each.
- Amit Khera paid Rs 11.05 lakh.
SEBI issued its settlement order on January 17 following a showcause notice dated May 17, 2024, detailing the alleged violations.
This settlement brings an end to the investigation, ensuring compliance moving forward while highlighting the importance of adherence to SEBI norms in corporate governance.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
