A worker adjusts a hoarding of Paytm, a digital payments firm, in Ahmedabad, India.
| Photo Credit: AMIT DAVE
Amid reports that the Enforcement Directorate (ED) had on Wednesday filed cases against Paytm for alleged FEMA violations, One 97 Communications Ltd., the parent company of Paytm, neither confirmed nor denied the reports and told stock exchanges that the company, its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices from various authorities including the ED.
In a clarification to the exchanges, the company said that besides notices it has received requests for information, documents and explanations from the authorities, including ED, with respect to customers that may have done business with the respective entities. It added that it has provided the required information, documents and explanations to the authorities.
Also read: The Paytm Payments Bank debacle | Explained
“The Company and its associate have continued to provide such information, documents and explanations to the authorities as is being required by them,” it said in a filing with the exchanges.
“We would also like to clarify that our associate Paytm Payments Bank Limited does not undertake Outward Foreign Remittance. We have always made and will continue to make disclosures with our obligations under the SEBI Regulations, 2015,” it added.
The price of the company’s stock continued its fall in the exchanges. It fell 9.99% to ₹342.35 on the BSE.
