Paytm in clarification to bourses: ED has asked for documents 'over time'

The clarification follows up to the similar clarification on February 5. However, at that time the company had categorically denied any investigation, which it has not done this time.

February 14, 2024 / 21:27 IST

Paytm added that the company and its associates have continued to provide such information, documents and explanations to the authorities as is being required by them

One 97 Communications, the parent company of Paytm and embattled Paytm Payments Bank Limited, on February 14 in a clarification issued to exchanges said the Enforcement Directorate has “over time” asked for certain documents that the company has provided.

The company issued the clarification following media reports saying that the Enforcement Directorate had filed a case against the company over alleged FEMA violations.

“One 97 Communications Limited, its subsidiaries and its associate, Paytm Payments Bank Limited, have over time been receiving notices and requisition for information, documents and explanations from the Authorities, including Enforcement Directorate (ED), with respect to the customers that may have done business with the respective entities, and provided the required information, documents and explanations to the Authorities,” the company said.

Paytm added that the company and its associates have continued to provide such information, documents and explanations to the authorities as is being required by them. We would also like to clarify that our associate Paytm Payments Bank Limited does not undertake Outward Foreign Remittances, the firm said

The clarification follows up with a similar clarification on February 5. However, at that time the company had categorically denied any investigation, which it has not done this time.