On Paytm Ownership Row, Delhi Court Gives Cops 3 Weeks To Complete Probe

Ashok Kumar Saxena poses for a photo in Vancouver, Washington, US (File)

A Delhi cloister on Monday has accustomed badge three weeks to achieve an analysis into claims from a above Paytm administrator who said he co-founded the agenda acquittal belvedere but did not accept shares owed.

Ashok Kumar Saxena, 71, in acknowledged abstracts said he invested $27,500 two decades ago in Paytm ancestor One97 Communications but was never allotted any stock, Reuters appear this month.

Paytm has said the affirmation amounts to aggravation and cited it beneath "criminal proceedings" in the announcement for its proposed $2.2 billion antecedent accessible alms (IPO). Saxena, a administrator from 2000 to 2004, has accounting to the bazaar regulator advancement it to stop Paytm from proceeding with the IPO.

Corporate babyminding experts said the altercate could atom authoritative inquiries and complicate the approval of an IPO that could amount Paytm, backed by Chinese e-commerce baton Alibaba Group Holding Ltd, at up to $25 billion.

On Monday, a Delhi commune cloister adjudicator requested the final address of the police's analysis aural three weeks.

"I am administering them to achieve the analysis as anon as possible," said Metropolitan Magistrate Animesh Kumar.

The badge has submitted a cachet address to the cloister but is yet to achieve the investigation, chief advocate Anupam Lal Das, apery Saxena, told Reuters afterwards the hearing.

A Delhi badge official beneath to comment. Paytm did not acknowledge to a appeal for comment.

The affection of the altercation is a certificate apparent by Reuters, anachronous 2001 and active by Saxena and accepted Paytm Chief Executive Vijay Shekhar Sharma, advertence Saxena was to own 55% of One97 Communications with Sharma owning the remainder.

Paytm, in a acknowledgment to a badge apprehension and which was apparent by Reuters, denied Saxena was a co-founder and said the certificate in catechism was "merely a letter of intent" which "did not materialise into any absolute agreement.

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