One 97 Communications Ltd Share Price – NSE  /  BSE

E-Commerce/App based Aggregator, Small Cap

Surinder Chawla has tendered his resignation on account of personal reasons and to explore better career prospects. He will be relieved from PPBL with effect from close of business hours on 26 June 2024, unless changed by mutual consent.

As informed earlier, nearly all agreements between the company and PPBL have been terminated as per the company’s disclosure on 1 March 2024 and the board of PPBL has been reconstituted with five independent directors including an independent chairperson, and no nominees from the company, as per the disclosure on 26 February 2024. In line with ongoing efforts, the company continues to collaborate with banking partners to enhance its merchant acquiring and UPI services.

Earlier in January 2024, the Reserve Bank of India (RBI) had taken action against Paytm Payments Bank, restricting the acceptance of deposits and top-ups in customer accounts, wallets, and FASTags beyond 29 February 2024. This decision follows reported non-compliance with regulations and supervisory concerns, as outlined in the RBI's statement citing persistent non-compliances and material supervisory concerns.

One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.

One 97 Communications (Paytm) reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year, due to accelerated GMV growth, higher device addition, and growth of financial services business.

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One 97 Communications has granted 91,250 Stock Options under One 97 Employees Stock Option Scheme 2019 (ESOP 2019) to the eligible employees.

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One 97 Communications has allotted 291,388 equity shares under ESOP on 04 April 2024. Consequently, the paid up equity share capital has increased to Rs 635,705,161 (consisting of 635,705,161 equity shares of face value of Rs 1 each).

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The penalty has been imposed for violations of the bank's obligations under the Prevention of Money Laundering Act, 2002.

The country’s finance ministry statement said that the FIU initiated a review of Paytm Payments Bank on the receipt of specific information from law enforcement agencies in respect of a few entities engaged in illegal acts, including organising and assisting online gambling.

Money generated from such illegal operations was routed and channelled through bank accounts that were maintained by entities with Paytm Payments Bank,” said the ministry.

PPBL issued a statement that “The penalty pertains to issues within a business segment that was discontinued two years ago. Following that period, the bank has enhanced its monitoring systems and reporting mechanisms to the Financial Intelligence Unit (FIU).”

Meanwhile, the board of directors of Paytm has approved the discontinuation of various inter-company agreements with its associate entity, Paytm Payments Bank (PPBL).

One 97 Communications is the digital financial services firm which operates under the Paytm brand. Paytm is India's payment super app offering consumers and merchants comprehensive payment services.

The company had reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23. Revenue from operations jumped 38.23% to Rs 2,850.5 crore in the quarter ended 31 December 2023 from Rs 2,062.2 crore recorded in the same period last year.

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