<ul><li><keyword id="5325646" type="General" weightage="20" keywordseo="ashok-kumar-saxena" source="Orion">Ashok Kumar Saxena</keyword> had alleged that he invested $27,500 in One 97 Communications two decades ago.</li><li><keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> has said that the claims made by Saxena amount to harassment and, therefore, the company is pursuing this as a criminal case.</li><li>Paytm in its submission to police confirmed that such a ‘letter of intent’ was signed, but it never materialised into a ‘definitive agreement’ as Saxena ‘lost interest’.</li></ul>A Delhi court on Monday has reportedly given police three weeks to conclude investigation on the allegations raised by former One 97 Communications director against digital payments giant Paytm. One 97 Communications is the parent company of Paytm. Ashok Kumar Saxena, the former director of the company, had alleged that he invested $27,500 in <keyword id="2436026" type="General" weightage="20" keywordseo="one97-communication" source="Orion">One97 Communication</keyword> two decades ago and was promised 55% shareholdings in the company in return. However, the shares were never allotted to him, Saxena said in a legal document. “I am directing them to conclude the inquiry as soon as possible," Metropolitan Magistrate Animesh Kumar said. The police has submitted a status report to the court but is yet to conclude the investigation, senior lawyer Anupam Lal Das, representing Saxena, told Reuters after the hearing. The next hearing is scheduled for September 13, 2021. Business Insider has reached out to Paytm seeking comments. Paytm had said that the claims made by Saxena amount to harassment and, therefore, the company is pursuing this as a criminal case. The Noida-based company has also mentioned this legal brawl with Saxena under “criminal proceedings” in the preliminary filings for the $2.2 billion initial public offering (IPO). The digital payments giant in the documentation submitted to the Delhi Police, has reportedly agreed that Saxena was one of the first few directors in the company who served between 2000 and 2004, as per a Reuters report dated August 12. Paytm also claimed that Saxena had extended funds to One 97 Communications and a letter of intent was signed. However, the talks never reached a formal agreement as Saxena gradually “lost interest” in the company. A company source has denied that Saxena was the co-founder of One 97 Communications. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/what-if-vodafone-idea-dies/articleshow/85127937.cms">What if Vodafone Idea dies?</a> <a href="https://www.businessinsider.in/business/telecom/news/minimising-the-fallout-from-a-vodafone-idea-collapse-heres-what-lenders-and-experts-suggest/articleshow/85171047.cms">Minimising the fallout from a Vodafone Idea collapse – here’s what lenders and experts suggest</a>

Paytm IPO: Delhi court asks local police to conclude its investigation in three weeks

<ul></ul><ul><li><keyword id="5325646" type="PERSON" weightage="20" keywordseo="Ashok-Kumar-Saxena">Ashok Kumar Saxena</keyword>, who served as a director in <keyword id="2205155" type="PERSON" weightage="20" keywordseo="One-97-Communication">One 97 Communication</keyword> between 2000-2004, alleged that he had invested in the company for a 55% shareholding. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> in its submission to police confirmed that such a ‘letter of intent’ was signed, but it never materialised into a ‘definitive agreement’ as Saxena ‘lost interest’. </li><li>The digital payments giant has also reportedly claimed that allegations against Paytm are attempts to harass the company. </li></ul>Ashok Kumar Saxena, a former director in Paytm’s parent company One 97 Communications, is now urging India’s market regulator to stall the digital payments giant’s $2.2 billion initial public offering (<keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword>). Saxena alleges that he is the co-founder of One 97 Communications and had invested about $27,500 in the company about two decades ago. However, the company never transferred his 55% shareholdings to him, as per Saxena. At the centre of the argument is a one-page document signed by Saxena and Paytm founder and chief executive Vijay Shekhar Sharma in 2001. The document reportedly highlights that Saxena would get a 55% equity stake in Paytm's parent company One 97 Communications. The remaining 45% equity shares would be owned by Sharma. As per a media report, the former director of the company had reached out to market regulator Securities and Exchange Board of India (SEBI). According to a media report, Saxena had also reached out to Delhi police to file a complaint against the company, but no case was registered. However, Saxena has now reportedly approached a New Delhi court, urging the judge to direct the local police to register a case on his complaint. The court had ordered the police to respond and the matter will be heard on August 23, as per the media report. Business Insider was not able to reach out to Saxena immediately. The development was first<a href="https://www.reuters.com/business/exclusive-ex-director-seeks-stall-2-bln-paytm-ipo-company-calls-it-harassment-2021-08-12/"> reported</a> by Reuters. Paytm, in a legal document submitted to the Delhi Police, claimed Saxena's allegations against Paytm are attempts to harass the company, as per the Reuters report. The company has listed the dispute under 'criminal proceedings' in its draft red herring prospectus (DRHP) for its IPO. Paytm in the documentation submitted to the Delhi Police, has reportedly agreed that Saxena was one of the first few directors in the company who served between 2000 and 2004. However, a company source has denied that Saxena was the co-founder of One 97 Communications. The document was accessed by Reuters. Business Insider has reached out to Paytm seeking comments. We will be updating the copy if and when we receive a response. The digital payments giant states that Saxena did extend funds to the company, however, he gradually “lost interest”. The company also emphasised that the letter being referred above was merely a “letter of Intent” and not a formal agreement. Paytm has also mentioned this in its legal statement to the police. Saxena had started disassociating himself from the company after the document was signed and stopped attending board meetings, Paytm said in the legal statement. Therefore, the intent never reached a full agreement. Paytm in the legal document also stated that Paytm and Saxena had reached a private understanding and transferred the shares to an Indian firm. Saxena said he had never received any shares and there was no misunderstanding. "The shares and money are one thing, but I also want to be recognised as the co-founder," Saxena told Reuters. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms" data-type="tilCustomLink">Travel app ixigo files for a ₹1,600 crore IPO</a> <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a>

Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue

<img class="gwt-Image" src="/photo/46553677.cms" /> The <keyword id="432663" type="UNKNOWN" weightage="60" keywordseo="Corporate-espionage">corporate espionage</keyword> case, which was unearthed a month back, has revealed a huge conspiracy theory undermining at the ministry level. In a major crackdown by the Central Bureau of Investigation (CBI), The Economic Times reports that two employees of the Ministry of Finance along with a Mumbai-based consultant have been held for their alleged involvement in illegally obtaining documents on foreign investment policies and passing them on to at least eight companies. 
 
A CBI spokesperson has informed The Economic Times, the investigating agency has conducted raids at six places in Delhi and two places in Mumbai on Thursday. These raids were carried out as part of an investigation into the "leakage and sale of confidential government documents relating to foreign investments in the Ministries of Finance and Commerce."Khemchand Gandhi, a chartered accountant-cum consultant, who has been detained by the police, used to sold documents and files to corporates. 
 
The ET report has confirmed that Gandhi has also been detained by the CBI after a bunch of documents sent to him was intercepted by the agency. The CBI had recovered Rs 60 lakh in cash from his residence and office along with a trove of documents. 
 <keyword id="239515" type="PERSON" weightage="60" keywordseo="Ashok-Kumar-Singh">Ashok Kumar Singh</keyword>, under secretary in the Department of Disinvestment in Finance Ministry, and Lala Ram Sharma, a section officer in the Department of Economic Affairs in Ministry of Finance, are also among those who have been detained. 
 
The residence of Daljeet Singh, an upper division clerk in the Department of Industrial Policy and Promotion (DIPP) in the commerce ministry, was raided by the CBI but Singh was not detained, the ET reported. 
 Earlier, <keyword id="6358992" type="ORGANIZATION" weightage="60" keywordseo="Delhi-Police">Delhi Police</keyword> had arrested two junior oil ministry officials and three other middlemen for allegedly leaking classified government documents to energy companies. 
 
They also held two consultants Santanu Saikia and Prayas Jain along with five executives from top energy companies, who were identified as RIL’s Shailesh Saxena, Vinay Kumar from Essar, KK Naik from Cairn, Subhash Chandra from Jubilant Energy and Rishi Anand from ADAG Reliance. Sources told the ET that Delhi Police has been subsequently questioning senior officials of these corporate. 
 
(Image: Reuters)

Corporate Espionage: CBI detains two Govt staffers and a tax consultant

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/593b1da7bf76bb25008b4e61-1024/gettyimages-622170392.jpg" alt="Lloyd Blankfein" data-mce-source="Bryan Bedder/Getty Images for The New York Times" data-mce-caption="Goldman Sachs Group chairman and CEO Lloyd Blankfein." />Bryan Bedder/Getty Images for The New York TimesGoldman Sachs Group chairman and CEO Lloyd Blankfein.</div></div></div><section><article><div><div><section data-share-hash=""><div>Goldman Sachs just announed a new class of managing directors.</div><div></div><div>Here's the statement:</div></section></div>NEW YORK, November 8, 2017 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has selected a new class of Managing Directors, effective from January 1, 2018, the start of the firm's next fiscal year."Our new Managing Directors have demonstrated an outstanding commitment to our people, clients and culture during their tenures at the firm, and we wish them continued success as they take this important next step in their careers," said Lloyd C. Blankfein, Chairman and Chief Executive Officer of Goldman Sachs.The following individuals have been promoted to Managing Director: Gregg Abramson Sanjay Acharya Khalid Albdah Amal Alibair Karthikeyan Anbalagan Rolf Andersson Volker Anger Jonathan Armstrong Ken Ashley Lavanya Ashok Sebastian Ayton Jonathan Babkow Julio Badi Amitayush Bahri Soren Balzer Robert Barlick Jr. Philip Barreca Santiago Bau David Bauer Oksana Beard Lee Becker Virender Bedi Stuart Beer Christian Beerli Amanda Beisel Yumiko Bekku David Bell Pierre Benichou Andrew Benito Marco Bensi Laura Benson Stephen Bergin Daniel Berglund Greg Berry Shital Bhatt Dipanjan Bhattacharjee Anu Bhavnani Carissa Biggie Vineet Birman Daniel Bitel Anne Black Richard Blore Emmanuel Bodenstein Timothy Braude Sean Brenan Hugh Briscoe Nathaniel Bristol Leo Brito Troy Broderick Levee Brooks Eric Brothers Robert Bruns III Anthony Bunnell Meg Burke Susan Burt Sean Butkus Russell Byrne Edward Byun Adam Cahill Alessandro Calace Cristiano Camargo Ken Cawley Swapan Chaddha Patrick Chamberlain Richard Chambers Daphne Chan Lily Chan Ben Chance Ginger Chang Vikram Chavali Alex Cheek Jae Joon Choi Ken Choi Paul Choi David Clark Denis Cleary Daniel Cleland-James Ayanna Clunis Pamela Codo-Lotti Jesse Cohen Paul Coles Simon Coombes Jenny Cosco Philip Coureau Nathan Cowen Matthew Cox (Securities) Shaun Cullinan Christine D'Agostino Emile Daher Hiren Dasani Russell Day Pierre De Belen Merche del Valle Caitlin DeSantis Jack Devaney Thomas Devos Mats Dewitte Hristo Dimitrov Tim Dinsdale Isabella Disler Christian Ditullio Terence Doherty Yakut Donat Nicola Dondi Brian Dong Jason D'Silva Stefan Duffner Jane Dunlevie Marie Duval Julien Dyon Rohini Eapen Zach Eckler Sayaka Eda Jason Eisenstadt Chris Emmerson Tiffany Eng Chendan Esvaran Erkko Etula Liz Ewing Michael Fargher Matteo Farina Leigh Farris Sarah Faulkner Tom Favia Brett Feldman Jennifer Feng Jon Ferguson Alex Field Herbert Filho Alex Finston Dean Flanagan Greg Flynn Trip 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Gilberto Marcheggiano James Marchese Michael Marcus Joshua Matheus Ann Mathews Chris Mathie Brian McCallion Graham McClelland Anne McCosker Michael Meehan (Compliance) Taylor Mefford Neil Mehta Adam Meister David Mericle Vitali Meschoulam Eric Meyers Alex Mignotte Andras Mikite Christopher Milligan Rahul Mistry Mike Mitchell Neil Moge Waleed Mohsin Babak Molavi Joel Monson Guy Morgan James Morris Antoine Munfa Aimee Mungovan Yuji Murata Dan Murphy Josh Murray Brian Musto Shehzad Nabi Devarajan Nambakam Ramanathan Narayanan Ganapathy Natarajan Danielle Natoli Murad Nayal Karim Nensi Scott Neu Dennis Ng Ken Ng Benjamin Ngan Joy Nguyen Salman Niaz Anders Nielsen (IMD) Howard Nifoussi Jun Niki Leah Nivison Laura Noble James Nolan Lauren Oakes Lynn Oberschmidt Allison O'Connor John O'Connor Shunil Ohrie Damian Ordish Leke Osinubi David Ossack Sathiya Padmanaban Danielle Pallin Salvador Pareja Dalmir Pasini Clorinda Pasqua Chris Pawson Paris Pender Patrick Perkins Philippe Perzi Wendy Peters Andy Phillips Flavio Picciotto Michael Pieck Sam Pirog Thomas Plank Joseph Plotkin Wade Podlich Ashish Pokharna Caitlin Pollak Charles Pollock Joe Porter Travis Potter Rohit Prabhu Richard Privorotsky Andrew Pucher Jay Rabinowitz Ankit Raj Harsha Rajamani Dmitry Rakhlin Yasser Rathore Edoardo Rava Elizabeth Reed Alexandre Reinert Stephen Reinhard Irfan Rendeci Christian Resch Andrew Rhee Riccardo Riboldi James Rinsler Caroline Riskey Helen Robinson Mark Rosen Amit Roy Joe Ryan Bernhard Rzymelka Takehiro Sakuramoto John Sales Rob Sarazen Vineeta Saxena Dominik Schaefer Andrea Scott Majid Sebti Bipin Sehgal Arseni Seregin Irma Sgarz Paulomi Shah Shreyas Shah Sunny Shah Faisal Shamsee Daniel Shapiro Mahesh Sharma Shripal Sharma Mai Shin Romy Shioda Toshimichi Shirai Mark Short Pankauz Shrestha David Shrimpton Obaid Siddiqui Mike Sidorov Scott Silverglate Stefani Silverstein Amy Silverzweig Jasdeep Singh Gabriella Skirnick Michael Sklow Maxine Sleeper Michael Slomienski Michael Sloyer Nicholas Smith (IBD) Ruth Smithson Christine Smyth Ben Snider Stacy Sonnenberg Cleaver Sower Ro Spaziani Brian Steele Johannes Steffens Duncan Stewart Stephen Stites Laurent Storoni Caroline Styant Joel Sulkes Mancy Sun Winnie Tam Nachiket Tamhane Ken Tang MK Tang Amish Tanna Melissa Teng Ross Tennenbaum Greg Thompson Fiona Thomson Justin Tobe Jason Tofsky Brad Tuthill Masahiro Uchiyama Nehal Udeshi Saad Usmani Meg Vaden Pramod Vaidyanathan Adam Van de Berghe Fred van der Wyck Suzanne van Staveren Andrew Vass Mahesh Vellanki Kadambari Verma Christopher Vilburn Iva Vukina Heng Vuong Ketan Vyas Joe Wall Jeffrey Wang Jiantao Wang Joshua Wang Lily Wang (Technology) Sherry Wang Victoria Ward (Compliance) Jeff Warren Noriko Watanabe Ramey Watkins Sam Watkins Heiko Weber Niki Webster Scott Weinstein Ryan Westmacott James Westwood Keith Wetzel Mark Wetzel James Whittingham Sabine Wick Robert Wieser Devin Wilde David Wilkins John Wilkinson Andrew Williams Ed Wong (IBD Technology) Eric Wong (Internal Audit) Kate Wood Amanda Wu Douglas Wu Joanne Xu Liang Xu** Rupam Yadav Kazushi Yamaguchi Hubert Yang Lisa Yang Basak Yavuz Zeynep Yenel David Yu Brian Zakrocki Thomas Zeppetella Yi Zhang* Adib Zouein Patrik Zumstein Piotr Zurawski Jonathan Zwart*Employee of Goldman Sachs Gao Hua Securities Company Limited **Employee of Beijing Gao Hua Securities Company Limited</div></article></section>Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/interview-with-kristina-hooper-chief-investment-strategist-at-invesco-2017-11">We talked to the chief investment strategist at $920 billion fund giant Invesco about where you should invest right now</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/EpDpiRHy-xjRU7l6Z.html" width="100%" height="100%" frameborder="0" scrolling="auto" 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You Searched For "Ashok Kumar Saxena" and got 4 results

Paytm IPO: Delhi court asks local police to conclude its investigation in three weeks

Kritti Bhalla

Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue

Kritti Bhalla

Corporate Espionage: CBI detains two Govt staffers and a tax consultant

BI India Bureau

Goldman Sachs' new managing director list is out

Matt Turner