The popular Indian digital payments company, Paytm, has received various positive mentions in the news lately. Their stocks have surged 5% due to approval from the Indian government for investment, as well as the successful sale of their ticketing business to Zomato. However, the company also faced challenges as their shares declined after a Sebi warning and plunged 4% amid a show-cause notice. The company also received government approval for investments and reapplied for a license, while capping their board member remuneration at Rs 48 lakh. In other related news, the shares of TV18 and Network18 saw a soar in value after their merger was approved.
The founder and CEO of Paytm, Vijay Shekhar Sharma, along with former board members of One97 Communications Ltd, have been served show-cause notices by SEBI for allegedly misrepresenting information during the company's IPO in November 2021. This comes after the markets regulator received inputs from the Reserve Bank of India and probed Paytm Payments Bank for non-compliance with promoter classification norms. As a result, Paytm's stock saw a decline and analysts predict a potential downside of 16%.
The Securities and Exchange Board of India (SEBI) has sent show-cause notices to Paytm Founder and CEO, Vijay Shekhar Sharma, and former board members of the company for alleged misrepresentation of facts during the company's initial public offering in November 2021. This move comes after Paytm shares declined during intra-day trading following reports of SEBI's probe into non-compliance with promoter classification norms. The average analyst price targets suggest a potential downside of 16%.
Markets regulator Securities and Exchange Board of India (SEBI) has issued a show cause notice to Paytm founder Vijay Shekhar Sharma and other board members for alleged misrepresentation of facts during the company's initial public offering (IPO) in November 2021. The notice, based on inputs from the Reserve Bank of India, questions Sharma's classification as a promoter and his eligibility for employee stock options post-IPO. Paytm's stock has plummeted since its IPO and the company has faced regulatory action from RBI over non-compliance issues.
Alkem Laboratories Ltd, a major Indian pharmaceutical company, has come under scrutiny from both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for discrepancies in their published data. Despite being listed on both exchanges, the company's auditor data, management team information and other corporate data do not match up, causing concern for investors and prompting a closer examination. This news serves as a reminder for investors to exercise caution and seek professional advice before making any investment decisions.
Paytm's parent company, One97 Communications Ltd, saw a surge in its share prices after selling its movie and events ticketing business to Zomato for a whopping ₹2,048 crore. However, Paytm's overall financials have been impacted, with a significant loss in the last quarter. Despite this, brokerage firms are optimistic about the company's future prospects and have even raised their price target for the stock. The acquisition will allow Zomato to expand its presence in the 'going-out' segment, while Paytm focuses on its core financial services.
The founder of Paytm, Vijay Shekhar Sharma, recently spoke about the challenges faced by his company, including his recent step down as part-time non-executive chairman. He compared Paytm to his daughter and shared his lessons and ambitions, such as building a $100 billion company and gaining global recognition as an Indian firm. Despite the difficulties, Vijay remains determined to continue his company's growth and take on professional responsibilities with maturity.
Paytm Founder and CEO Vijay Shekhar Sharma, speaking at the 7th JITO Incubation and Innovation Fund (JIIF) Foundation Day, compared his company to his daughter who faced an accident on her way to an entrance test. He also shared his learnings from the recent RBI action on Paytm Payments Bank, stating that it was emotionally challenging but taught him the value of fulfilling responsibilities professionally. Sharma also expressed his personal ambition of building a $100 billion company and his desire for global recognition for Paytm as an Indian firm. Meanwhile, the company has seen early signs of recovery and strong growth in its UPI business, with transactions worth Rs 1.24 trillion processed in May.
Paytm Founder and CEO Vijay Shekhar Sharma recently spoke at the 7th JITO Incubation and Innovation Fund (JIIF) Foundation Day, where he compared the company to his daughter who had met with an accident on the way to an entrance test. He also discussed the company's experience with the Reserve Bank of India (RBI) action on Paytm Payments Bank, acknowledging the emotionally challenging setback as a valuable lesson in fulfilling responsibilities professionally.
During a speech at JITO Incubation and Innovation Fund Foundation Day event, Vijay Shekhar Sharma likened the struggles of his company with that of a daughter who falls sick on the day of an entrance exam. He also mentioned the impact of RBI’s actions on Paytm Payments Bank, saying it was a challenging experience but a valuable lesson in fulfilling professional responsibilities. In adversity, one must learn and adapt to rise above it.