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Fintech major Paytm has settled ESOP-related case with markets regulator SEBI by paying a penalty of INR 1.1 Cr to the regulator as well as cancelling the 2.1 Cr stock options granted to its founder and CEO Vijay Shekhar Sharma and 2.2 Lakh ESOPs granted to his brother and CBO-marketing cloud business Ajay Shekhar Sharma.
The founder and CEO has been prohibited from accepting any fresh ESOPs from the listed company for a period of three years. Besides, he coughed up INR 1.1 Cr to the regulator as settlement amount.
Similarly, his brother Ajay settled the case for INR 57.1 Lakh, along with a “disgorgement” of INR 35.9 Lakh, an amount he made by selling 3,720 shares he obtained upon exercise of the ESOPs.
The regulator had accused One97 Communications, the parent of Paytm, and the founder and CEO of making incorrect disclosures in the company’s offer documents by disclosing Vijay as a non-promoter public shareholder.
(The story will be updated soon.)
The post Paytm, Vijay Shekhar Sharma Settle ESOP Case With SEBI appeared first on Inc42 Media.
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