Ex-director seeks to stall $2-bn Paytm IPO, company calls it harassment

Topics Paytm | SEBI

Paytm's $2.2 billion IPO is facing an unusual hurdle - a 71-year-old former director has urged India's markets regulator to stall the offering, alleging he is a co-founder who invested $27,500 two decades ago but never got shares.

In legal documents seen by Reuters, Paytm says the claim by Ashok Kumar Saxena and allegations of fraud in a police complaint in New Delhi are mischievous attempts to harass the firm. The dispute though is cited under "criminal proceedings" in Paytm's July IPO prospectus filed for regulatory.

This article is no longer available in our repository.

There could be multiple reasons for this.