paytm: US-based Indian entrepreneur claims big stake in Paytm parent


New Delhi: A US-based Indian nationwide has demanded a big stake in One97 Communications, Paytm’s parent entity, together with a board seat and recognition as a co-founder, whereas accusing the corporate’s founder and CEO Vijay Shekhar Sharma of going again on his promise and allegedly misappropriating his investments.

Ashok Kumar Saxena (aged round 70 years), who claims to be a founder-director of One97 Communications, lists preliminary investments of $27,500 between January 2001 and April 2002 in direction of his promised stake of 55% in the corporate by an settlement allegedly signed in September 2001. In a authorized discover to Sharma, he has additionally alleged that he was “wrongfully removed” as a director in February 2004.

Saxena, who claims to be a serial entrepreneur and an aerospace & telecommunications technologist, stated as a result of private occasions in his life, he was unable to take up the difficulty earlier. In the discover, despatched by legislation agency AugustLegal on February 1, Saxena has claimed to have first met Sharma round 1999, when he was “relatively fresh out of college” and primarily engaged on assignments referring to internet hosting, sustaining, and designing web sites.

“At the relevant time, you were working as a consultant for an Indian project of SigmaNet Network Corporation (a US company founded by our client) providing programming services for its web portal, IAOL… SigmaNet was acquired by Startec Global Communications (a publicly held company in the US) in December 1999. You may be familiar with the name Startec Global since it finds mention on your LinkedIn profile where you falsely claim to be its erstwhile CTO between April 2000 and May 2001,” the discover stated.

Saxena claims to have “invested his time, reputation, and business network” to satisfy potential prospects and purchasers for One97 Communications, together with

. “… the entire blueprint of the Astrotel services including conception, planning and successful execution was spearheaded by our client and it is not out of place to mention that Astrotel services was one of the highest revenue grossers for Airtel at the relevant time,” the discover stated.

The US-based particular person additionally claimed that the preliminary advertising and marketing displays and communications of One97 Communications represented it as a subsidiary of Informatics Inc, one other US-based firm based by him. Also, One97 Communications cited the shoppers of Informatics as references, and these included US companies reminiscent of Lockheed Martin, IBM, Computer Science Corporation, US Naval Research Lab and NASA.

“It is clear that company (One97 Communications) was formed and was being run by you on the basis of trust and confidence reposed in you by our client (Saxena),” AugustLegal stated in the discover.

He additionally claims that in line with a written settlement in September 2001, Saxena was to obtain a 55% stake in One97 Communications, other than getting rights to veto the sale of shareholding to any outsider. “However, in spite of the written agreement and taking advantage of our client’s busy work schedule in the US, and his inability to follow up and remotely supervise all your actions pertaining to the company, you failed to allot the shares to our client or to appoint the third director nominated by him under some dubious pretext. You also failed to share the statement of account of the company with our client as agreed or to repay the loans of our client,” stated the discover.

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