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(File photo)
NEW DELHI: An American national of Indian origin has demanded a significant stake in One97 Communications, Paytm’s parent entity, along with a board seat and recognition as a co-founder, while accusing the company’s founder and CEO Vijay Shekhar Sharma of going back on his promise and allegedly misappropriating his investments.
Ashok Kumar Saxena (aged around 70 years), who claims to be a founder-director of One97 Communications, lists initial investments of $27,500 between January 2001 and April 2002 towards his promised stake of 55% in the company through an agreement allegedly signed in September 2001. In a legal notice to Sharma, he has also alleged that he was “wrongfully removed” as a director in February 2004.