One97 Communications denies reports of probe for violation of foreign exchange rules

New Delhi, Feb 5 (IANS) One97 Communications Limited has reiterated that the company and its associate Paytm Payments Bank Limited are not the subject matter of any investigation for violation of foreign exchange rules.One97 Communications said this filing has been done in the interest of transparency, and "protecting our reputation, customers, shareholders, and stakeholders from being influenced by unwarranted and speculative stories". “We will continue to post such clarifications, as required," the company said in a regulatory filing.“The company had filed a specific clarification, categorically denying any investigation by the Enforcement Directorate on OCL, our associates and our management. We have since seen additional media reports making baseless speculation about investigations of the company or its associate Paytm Payments Bank Limited (PPBL) for violation of foreign exchange rules," the company said.“We would like to reiterate that the company and its associate Paytm Payments Bank Limited are not the subject matter of any such investigation. Such media reports are entirely misleading, baseless and malicious, which harm the interests of all our stakeholders," the company said in the filing.--IANSsan/arm

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