The senior executives of One97 Communications, the company behind it Paytmhave filed fines with the Securities and Exchange Board of India (Sebi) to settle allegations of non-compliance. The allegations relate to providing benefits to Paytm CEO Vijay Shekhar Sharma and his family members, as well as approving and signing public offer documents that contained inaccurate information and incomplete disclosures about the promoter entity.

The liquidation order was issued by Sebi on January 17. The liquidation amount proposed by SEBI’s advisory committee was subsequently approved by the panel of full-time members.

Former compliance officer Amit Khera and several former board members, including independent directors Ashit Ranjit Lilani, Neeraj Arora, Mark Schwartz and Pallavi Shardul Shroff, as well as former directors Douglas Feagin, Munish Varma and Ravi Chandra Adusumalli, resolve the allegations collectively. of violations against the market regulator’s listing rules and public issue regulations by paying over Rs 3.32 crore.

The regulator’s six-page order stated that Khera failed to ensure compliance with the regulatory provisions applicable to the listed entity under the LODR Regulations, 2015. Further, independent directors Lilani and Arora, who are part of the NRC, did not they fulfilled their duties. impartially and independently while taking decisions related to benefits for the company’s Managing Director and CEO Vijay Shekhar Sharma and his family members as stated in the order.

The market regulator issued a show cause notice in May 2024, accusing the NRC of neglecting its duties in an impartial and independent manner. In addition, the former board members were alleged to have endorsed and executed offering documents that contained inaccurate statements and improper disclosures.

The offer documents were approved and signed by the directors, although they contained incorrect statements and incomplete disclosures, as noted. Subsequently, their applications were placed before the Internal Committee of Sebi during its meeting on August 27, 2024.