Paytm founder Vijay Shekhar Sharma forfeits shares worth Rs 492 crore after Sebi action

Vijay Shekhar Sharma, chief executive officer of One97 Communications Limited (OCL), which operates Paytm, has returned 21 million shares, which were allocated to him under the firm’s Employee Stock Ownership Plan (Esop) programme, the company said in a filing to the stock exchanges. The company added that these shares will result in lowering of Esop expenses by around Rs 492 crore.

This comes after months of the market regulator Securities and Exchange Board of India (Sebi) issuing show cause notices to the company for flouting rules on the…