look news india
New Delhi, May 29 (HS). One97 Communications Limited, the parent company of online payment platform Paytm, clarified on Wednesday that it is not in talks with the Adani Group to sell its stake. However, the Adani Group has also termed such reports as “false and untrue”.
One97 Communications Limited said in a statement that we want to make it clear that these are mere speculations and the company is not involved in any discussions in this regard. Earlier, media reports were claiming that Paytm founder and Chief Executive Officer (CEO) Vijay Shekhar Sharma has met Gautam Adani in Ahmedabad to finalize the deal. On the other hand, a spokesperson of Adani Group said that we deny this baseless speculation.
It is worth mentioning that the Reserve Bank of India (RBI), keeping in mind the interest of customers including merchants, had banned Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 15. After this, by the end of March, Vijay Shekhar Sharma was left with 9.1 percent stake in Paytm in his personal capacity, while he had 10.3 percent stake through foreign institution Resilient Asset Management.
