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<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

A Delhi court on Wednesday discharged senior Congress leader Shashi Tharoor in a case related to his wife <keyword id="138503" type="PERSON" weightage="20" keywordseo="Sunanda-Pushkar">Sunanda Pushkar</keyword>'s death in a luxury hotel here. Special Judge Geetanjali Goel passed the order in a virtual hearing. Tharoor thanked the judge, and said it was "an absolute torture for last seven-and-a-half-years" and that it was a "great relief". During the arguments, while police had sought framing of various charges, including 306 (abetment of suicide), senior advocate Vikas Pahwa, appearing for Tharoor, told the court that the investigation conducted by the SIT completely exonerated the politician of all the charges levelled against him. Pushkar was found dead in a suite of a luxury hotel in the city on the night of January 17, 2014. The couple was staying in the hotel as the official bungalow of Tharoor was being renovated at that time. Tharoor was charged under sections 498A (husband or relative of husband of a woman subjecting her to cruelty) and 306 of the Indian Penal Code by the Delhi Police, but was not arrested in the case. He was granted bail on July 5, 2018. SEE ALSO <a href="https://www.businessinsider.in/business/news/paytm-ipo-former-one-97-communication-director-urges-sebi-to-stall-the-public-issue/articleshow/85293132.cms">Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue</a> <a href="https://www.businessinsider.in/tech/news/windows-11-microsoft-rolling-out-updated-snipping-tool-calculator-and-mail-apps/articleshow/85292943.cms">Windows 11 Microsoft rolling out updated snipping tool, calculator and mail apps</a> <a href="https://www.businessinsider.in/business/corporates/news/infibeam-avenues-is-looking-to-acquire-a-point-of-sale-company/articleshow/85292156.cms">INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company</a>

Sunanda Pushkar death case: Congress MP Shashi Tharoor says it is a "great relief" after a special court lets him off

<ul><li>The <keyword id="1736801" type="PERSON" weightage="20" keywordseo="Paytm-app">Paytm app</keyword> has been removed from the Google Play Store for violating policies related to unregulated gambling apps.</li><li>This does not affect those who already have the app installed on their phones, but new downloads are not possible at this moment.</li><li>Other apps from the company, like Paytm Money, Paytm Mall and Paytm for Business are still available for download.</li><li>Google said it is in touch with the app’s developers to bring it back on the Play Store.</li></ul>The Paytm app has been removed from the Google Play Store. The reason reported for the removal of the app is that Google doesn’t allow ‘unregulated gambling apps that facilitate sports betting’. According to <a href="https://twitter.com/CNBCTV18Live/status/1306872648429785088">CNBC-TV18</a>, Google had notified developers about this a few days ago. It also said that it is working with Paytm to bring the app back on the Play Store. A search for the Paytm app on the Play Store confirmed the app’s removal. Other apps from the company like Paytm Money, Paytm Mall and Paytm for Business are still available for download. <div type="Article" hostid="261" msid="78187022" title="How to install the Paytm app on Xiaomi, Samsung and other phones" mstype="2" mssubtype="0"></div> On September 18, Google released a <a href="https://india.googleblog.com/">statement</a> saying that it doesn’t allow online casinos or support any unregulated gambling apps that facilitate sports betting. “This includes if an app leads consumers to an external website that allows them to participate in paid tournaments to win real money or cash prizes, it is a violation of our policies.” "When an app violates these policies, we notify the developer of the violation and remove the app from Google Play until the developer brings the app into compliance. And in the case where there are repeated policy violations, we may take more serious action which may include terminating Google Play Developer accounts. Our policies are applied and enforced on all developers consistently," the blog post added. We have reached out to Google for a statement. Big blow to Paytm ahead of IPL starting tomorrow Paytm First Games – which recently onboarded Sachin Tendulkar as its brand ambassador – is the Indian digital payments’ leaders foray into the fantasy gaming segment. Google’s ban is a huge blow to the app as the IPL begins tomorrow and Paytm First Games was hoping to cash in on the cricketing event. Paytm First Games had an elaborate plan to establish its stronghold in the fantasy gaming market. The app aims to get over 100 million users during the upcoming Indian Premier League and has planned over 200 live events on the platform over the next six months. The other popular fantasy sports app Dream11 has never been available on the Playstore. Last year in June, the Bombay High Court had dismissed a PIL filed by an advocate and said that Dream11 is a game of skill and not of chance. The PIL had claimed that the online fantasy league game encourages gambling. Earlier, the Punjab and Haryana High Court too had declared the Dream11 format of fantasy sports as legal. The order said that the game requires considerable skill and judgment. This order was further ratified by the Supreme Court. BJP leader demands ban on online rummy games and apps In the ongoing Parliament session, BJP leader K C Ramamurthy in the Rajya Sabha demanded a ban on online rummy. “Sir, it is a misnomer that rummy is a game of skill. It is gambling and betting money through rummy in the greed of getting more is illegal as it ruins families financially and otherwise. It is unfortunate that many have become addicts, particularly in south India,” he said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/paytm-says-your-money-is-safe-and-the-app-will-be-back-soon-on-play-store/articleshow/78185321.cms">Paytm says your money is safe and the app will be back soon on Play Store</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-install-the-paytm-app-when-its-not-available-on-google-play-store/articleshow/78187022.cms">How to install the Paytm app on Xiaomi, Samsung and other phones</a>

Paytm app removed from the Google Play Store – big blow to Paytm First Games ahead of the IPL starting tomorrow

<ul><li>WhatsApp’s Global Head Will Cathcart announced that WhatsApp Payments will be rolling out for India users within the year.</li><li>India is WhatsApp’s largest market with a digital payments sector that set to hit $1 trillion in 2023.</li><li>But WhatsApp delayed entry in the market will be setting it up against the likes of Paytm, PhonePe, Google Pay and MobiKwik, who have already had time to establish their foothold in the market.</li></ul>WhatsApp Payments will finally be launching in India by the end of the year, according to Will Cathcart, WhatsApp’s Global Head. The Facebook-owned messaging service will finally have a crack at India’s digital payments sector that’s set to grow five times by 2023 reaching $1 trillion according to <a href="https://plus.credit-suisse.com/r/V7ax692AF-YEch">Credit Suisse</a>. Facebook CEO, Mark Zuckerberg, stated, "Even in a limited test, the feedback was very positive. So I'm quite confident that when we can roll this out broadly, it's going to be meaningfully valuable to the user experience," during Facebook's Q2 2019 <a href="https://s21.q4cdn.com/399680738/files/doc_financials/2019/Q2/Q2'19-Earnings-Call-Transcript.pdf" data-type="tilCustomLink">earnings call</a> on Wednesday. But it will be going up against the likes of Google Pay, PhonePe, Paytm and Mobikwik — payment operators who have been in the Indian market for considerably longer. Even Paypal is <a href="https://www.business-standard.com/article/pti-stories/paypal-mulls-data-localisation-for-india-sets-up-tech-centre-119072300744_1.html">reportedly</a> looking to launch its payments service in India and is forming a strategy to comply with Indian laws. 
 
 
 <div type="ExtQuote" text="We believe that if we get this right, it will accelerate financial inclusion and bring value for people in India’s fast growing digital economy. We can’t wait to provide the service more of our users all across India later this year." auname="Will Cathcart, WhatsApp Global Head, at an event in New Delhi"></div>







 Better late than never WhatsApp, in partnership with ICICI Bank, and has been testing its payments platform in India since February last year. It's a <a href="https://www.businessinsider.in/whatsapp-is-trying-to-make-payment-services-available-to-all-its-users-in-india/articleshow/66917241.cms">huge opportunity</a> for the company since India is its <a href="https://www.businessinsider.in/WhatsApp-is-planning-a-payments-service-for-its-biggest-market/articleshow/58013437.cms">biggest market</a> accounting for over 200 million of 1.3 billion users. The delayed initiation of its payments service means that it will be going up against Paytm, PhonePe, Google Pay and MobiKwik who have had over a year to establish a foothold in the market — if not longer. One million users have tried the new feature but its official roll out has been <a href="https://www.businessinsider.in/whatsapp-rushing-to-launch-its-payments-feature-in-india-by-next-week/articleshow/64386826.cms">repeatedly delayed</a> due to policy changes in the country. WhatsApp and its many speed bumps India’s central bank, the Reserve Bank of India (RBI), asked all payment operators in the country to store financial data from Indian users locally. Companies were given a 6-month deadline to comply with the new norms in order to continue their operations in India. Most operators complied with the new regulations but WhatsApp tried to reason with the government instead to allow it to store copies of the data with India but keep some of it on foreign servers as well — something that never came to fruition. RBI even filed an <a href="https://www.businessinsider.in/whatsapp-google-india-data-localisation-issues-npci-issues-enquiry/articleshow/66878922.cms">affidavit with the Supreme Court</a> stating that the Facebook-owned messaging service was yet to comply with the new data localisation regulations. Local payment operators in India also pointed out that WhatsApp’s payments feature might not be <a href="https://www.businessinsider.in/whatsapp-case-proves-that-india-needs-strong-data-protection-laws-says-the-man-who-took-it-court/articleshow/69974607.cms">entirely secure.</a> WhatsApp has <a href="https://www.businessinsider.in/beta-no-more-whatsapp-isnt-slowing-down-even-without-an-office/articleshow/65226054.cms">previously stated</a> that it would officially roll out its payments service until it was it full compliance with India’s rules and regulations. Launch plans for within this year means WhatsApp has made progress. See also: <a href="https://www.businessinsider.in/the-indian-government-wants-to-build-its-own-whatsapp-for-official-communication/articleshow/69983904.cms">The Indian government wants to build its own WhatsApp for official communication</a> <a href="https://www.businessinsider.in/whatsapp-case-proves-that-india-needs-strong-data-protection-laws-says-the-man-who-took-it-court/articleshow/69974607.cms">WhatsApp case proves that India needs strong data protection laws, says the man who took it to court</a> <a href="https://www.businessinsider.in/india-personal-data-protection-bill-global-ceo-concerns/articleshow/68389336.cms">Here’s what global tech CEOs have to say about India's data protection laws</a>

You Searched For "Paytm court case" and got 4 results

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

Kritti Bhalla

Sunanda Pushkar death case: Congress MP Shashi Tharoor says it is a "great relief" after a special court lets him off

PTI

Paytm app removed from the Google Play Store – big blow to Paytm First Games ahead of the IPL starting tomorrow

Rounak Jain

WhatsApp Payments battling Paytm, Google Pay and PhonePe for India's $1 trillion opportunity by end of year

Prabhjote Gill

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