NRI claims 55% stake in Paytm parent company One97 communications

US-based Indian Entrepreneur claims a significant stake in Paytm Parent company One97 communications, due to some personal reasons, he could not take this issue earlier.

Ashok Kumar Saxena, aged 70, claimed that he is the founder of One97 Communications that owns Paytm. He demanded inclusion in the Board of Directors and recognition as co-founder of the company. He also accused the founder and CEO of the company, Vijay Shekhar Sharma, of not keeping the promise and misappropriating his investments.

Saxena claimed through a legal notice that his initial investments in the company are of USD 27500 during Jan 2001 and April 2002 for promised 55 per cent stake through an agreement signed in September 2001. He also claimed that he was removed wrongfully as a director in February 2004.

He claims himself as a serial Entrepreneur and an aerospace and telecommunications technologist. Saxena sent a legal notice to the company through August Legal law firm on February 1. He stated that he met One97 Communications’ CEO in 1999 when he was just out of college and have not started Paytm.

The notice also states, “At the appropriate time, Vijay Sharma worked in SigmaNet Network as a consultant (a US company founded by our client). SigmaNet was acquired by Startec Global Communications (a publicly held company in the US) in December 1999.

Saxena claims that he invested his time, reputation, and business network in meeting potential customers for One97, including Bharti Airtel. “He designed the blueprint of Astrotel services, and Astrotel Services is the highest revenue grosser for Airtel at a particular time,” the notice said.

Saxena also claimed in the notice that according to the agreement, Saxena was to receive a 55% stake in One97 Communications. “However, despite the deal and taking advantage of our client’s busy schedule, and his inability to follow up and remotely supervise all your actions about the company, you failed to allot the shares to our client or to appoint the third director nominated by him.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,” said the notice.