Sebi issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made
New Delhi, August 26: Market regulator Sebi has issued notice to fintech firm One97 Communications, which owns the Paytm brand, in the March 2024 quarter on employee stock options given to its MD and CEO Vijay Shekhar Sharma, according to the company filing on Monday.
In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the market regulator to make required representations.
According to Paytm's financial year 2024 annual result filing, it had issued 2.1 crore employee stock options (ESOP) to Sharma in the financial year 2022.
Sebi had issued a show cause notice to Paytm on ESOP issued to Sharma.
"This is not a new development, as the company had already made relevant disclosures on this matter in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The company is in regular communication with the Securities Exchange Board of India (SEBI) and making necessary representations regarding this matter," Paytm said in response to a stock exchange query.
The disclosure made on May 22 and July 19 said that Paytm has submitted its preliminary response and is in the process of seeking further information from the regulator in this regard.
"Based on an independent legal opinion obtained by the management, it believes that the company is compliant with the relevant regulations. Accordingly, there is no impact on the financial results for the year ended March 31, 2024," the filing said.
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Shivamogga: Rowdy sheeter brutally killed in broad daylight
Shivamogga: A 38-year-old rowdy sheeter, Rajesh Shetty, was hacked to death in broad daylight by a group of assailants near Bomanakatte on Saturday here.
The attack occurred around 1 PM near a garage close to Marammanagudi on the old Bommanakatte main road.
Sources suggest that the murder was motivated by an old grudge. Rajesh Shetty, a rowdy sheeter listed at the Vinoba Nagar police station with seven cases against him, reportedly died on the spot due to the severity of the assault.
Additional Superintendent of Police Anil Kumar Bhooma Reddy and officers from the Vinoba Nagar police station visited the crime scene and initiated an investigation.
District Defense Officer GK Mithun Kumar informed the media that three special teams have been formed to track down the culprits. He stated, "We have obtained information about the accused, and preliminary findings indicate that the killing was driven by personal reasons."
