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.

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