In a recent disclosure with the exchanges, Paytm has responded to the imposition of a penalty by the Office of Collector of Stamps, New Delhi. The Noida-headquartered payments major clarified that although the company had submitted applications for stamp duty payment within the relevant time frames, minor delays in some applications led to the penalty.
These applications were processed by the Office of Collector of Stamps in sequence. The penalty, totaling Rs 47.12 lakh, is related to non-payment of stamp duty aggregating to Rs 1.43 crore, upon allotment of 10.26 lakh shares of Rs 10 each during the previous years, said Paytm.
“The Company had submitted applications for payment of Stamp Duty at relevant time with the Office of Collector of Stamps New Delhi, although there were delays of a few days in submission of some applications. The said applications have been processed by the Office of Collector of Stamps, in sequence. We have taken all necessary steps to be more diligent in avoiding such instances in the future,” said the company as part of its filings.
The company said it has taken comprehensive steps to enhance its compliance processes and avoid similar delays in the future. This proactive approach is part of Paytm’s broader commitment to regulatory adherence and operational transparency.
