ED issues notice to One97 Communication, Managing Director

The notice has been issued by a special director of the agency following the completion of an investigation. Read further on Dynamite News:

New Delhi: The Enforcement Directorate (ED) has issued a show-cause notice to One97 Communication Ltd (Parent company of Paytm), its Managing Director Vijay Shekhar Sharma and others for alleged violations of the Foreign Exchange Management Act (FEMA),1999. 

 

The notice has been issued by a special director of the agency following the completion of an investigation and before the initiation of adjudication proceedings under the said law.

The notice sought to explain why action should not be taken against them for contravening FEMA provisions.

The ED's move is seen as a significant development, given Paytm's dominance in the digital payments space. The company, which was founded by Vijay Shekhar Sharma, has been at the forefront of India's digital payments revolution.