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

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Exclusive: A former director seeks to stall $2 billion Paytm IPO, alleging he is a co-founder who invested $27,500 two decades ago but never got shares. Paytm says the claim is baseless. adityakalra reports

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 approval.

Saxena has approached the Securities and Exchange Board of India to stall the IPO, arguing investors could lose money if his claim is proved right, according to a previously unreported complaint seen by Reuters.Shriram Subramanian of shareholder advisory firm InGovern said the tussle could spark regulatory inquiries and complicate or delay the approval of Paytm's IPO that could value it at up to $25 billion.

 

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