Ex-director seeks to stall $2 billion Paytm IPO, company calls it harassment

NEW DELHI: Paytm’s $2.2 billion IPO is facing an unusual hurdle – a 71-year-old former director has urged India’s markets regulator to stall the offering, alleging he is a co-founder who invested $27,500 two decades ago but never got shares.

In legal documents seen by Reuters, Paytm says the claim by Ashok Kumar Saxena and allegations of fraud in a police complaint in New Delhi are mischievous attempts to harass the firm. The dispute though is cited under “criminal proceedings” in Paytm’s July IPO prospectus filed for regulatory approval.

Saxena denied harassment and said Paytm had a high profile position that meant a private individual like him was not in a position to harass the company.