US-based Indian entrepreneur claims big stake in Paytm parent
NEW DELHI: An American public of Indian inception has requested a critical stake in One97 Communications, Paytm’s parent substance, alongside a board seat and acknowledgment as a fellow benefactor, while denouncing the organization’s organizer and CEO Vijay Shekhar Sharma of backpedaling on his guarantee and supposedly misusing his ventures.
Ashok Kumar Saxena (matured around 70 years), who professes to be an organizer head of One97 Communications, records starting speculations of $27,500 between January 2001 and April 2002 towards his guaranteed stake of 55% in the organization through an understanding purportedly endorsed in September 2001. In a legitimate notification to Sharma, he has likewise claimed that he was “unjustly eliminated” as a chief in February 2004.
Saxena, who professes to be a sequential business visionary and an aviation and media communications technologist, said because of individual occasions in his day to day existence, he couldn’t take up the issue prior.
In the notification, sent by law office AugustLegal on February 1, Saxena has professed to have initially met Sharma around 1999, when he was “generally new out of school” and fundamentally dealing with tasks identifying with facilitating, keeping up, and planning sites
At the applicable time, you were filling in as an advisor for an Indian venture of SigmaNet Network Corporation (a US organization established by our customer) giving programming administrations to its online interface, IAOL… Sigma-Net was procured by Startec Global Communications (a freely held organization in the US) in December 1999. You might be acquainted with the name Startec Global since it discovers notice on your LinkedIn profile where you erroneously guarantee to be its past CTO between April 2000 and May 2001,” the notification said.
Saxena professes to have “contributed his time, notoriety, and business organization” to meet likely clients and customers for One97 Communications, including Bharti Airtel. “… the whole outline of the Astrotel administrations including origination, arranging and fruitful execution was led by our customer and it isn’t strange to make reference to that Astrotel administrations was one of the most elevated income grossers for Airtel at the important time,” the notification said.
The US-based individual likewise guaranteed that the underlying promoting introductions and correspondences of One97 Communications addressed it as an auxiliary of Informatics Inc, another US-based organization established by him. Additionally, One97 Communications refered to the clients of Informatics as references, and these included US enterprises like Lockheed Martin, IBM, Computer Science Corporation, US Naval Research Lab and NASA.
“Plainly organization (One97 Communications) was shaped and was being controlled by you based on trust and certainty rested in you by our customer (Saxena),” AugustLegal said in the notification.
He additionally guarantees that as indicated by a composed understanding in September 2001, Saxena was to get a 55% stake in One97 Communications, aside from getting rights to reject the offer of shareholding to any outcast.
“Nonetheless, regardless of the composed understanding and exploiting our customer’s bustling plan for getting work done in the US, and his powerlessness to follow up and distantly oversee every one of your activities relating to the organization, you neglected to designate the offers to our customer or to name the third chief named by him under some questionable affection. You additionally neglected to share the assertion of record of the organization with our customer as concurred or to reimburse the advances of our customer,” said the notification.
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