One97 Communications Ltd, the parent company of Paytm, has been fined ₹47.1 lakh by the Office of Collector of Stamps, New Delhi, for non-payment of stamp duty on share allotments in previous years. The fine, imposed under Section 40(1)(b) of the Indian Stamp Act, 1899, pertains to unpaid stamp duty totaling ₹1,43,16,535 on the allotment of 10,26,386 equity shares of ₹10 each.
In a filing with stock exchanges, Paytm stated that while the penalty amounts to ₹47.1 lakh, it does not affect the company’s operations or activities. The company’s shares saw an intraday gain of up to 3.7% on the NSE but later traded 3.3% higher at ₹522.85.
Earlier this year, Paytm Payments Bank faced an RBI ban on new deposits due to KYC non-compliance, leading to high-level exits and organizational restructuring. Recently, Paytm launched the ‘Paytm NFC Card Soundbox,’ a new payment device integrating NFC technology with mobile QR payments.
