NEW DELHI: The Enforcement Directorate has sent a notice to Paytm-owner One97 Communications for alleged violation of certain FEMA rules by the company and its two subsidiaries- Little Internet and Nearbuy, with respect to certain investment transactions, according to an exchange filing.
Paytm clarified that the alleged breach pertains to the period when the two companies were not its subsidiaries.
“We hereby inform you that a show cause notice…has been received by the Company on February 28, 2025…from the Directorate of Enforcement. This is in relation to alleged contraventions for the years 2015 to 2019 of certain provisions of the “FEMA” by the Company, in relation to its acquisition of two subsidiaries namely Little Internet Private Limited (“LIPL”) and Nearbuy India Private Limited (“NIPL”) erstwhile Groupon, along with certain Directors and Officers,” PTI
