A group of start-up founders has written to the PM, the FM, and the Reserve Bank of India (RBI), urging a review of the regulator's directive that ordered Paytm Payments Bank (PPBL) to cease major banking services after February 29.

The letter, endorsed by a dozen entrepreneurs, features names such as Yashish Dahiya of Policy Bazaar, Deepak Shenoy of Capital Mind, Murugavel Janakiraman of Bharat Matrimony, Rajesh Magow of MakeMyTrip, and Ritesh Malik of Innov 8, among others.

National Company Law Tribunal (NCLT) on Tuesday issued notice in a plea filed by Zee Entertainment Enterprises Ltd (ZEEL), which sought directions to enforce its merger with Sony, according to a report by Moneycontrol.

It said that the tribunal had granted Sony two weeks to file its reply and listed the case for hearing on March 12. On January 30, NCLT had issued a similar notice on a plea filed by Mad Men Films seeking the implementation of the merger with Sony. Mad Men Films is a shareholder of ZEEL.

Shares of One 97 Communications (OCL), parent of fintech giant Paytm, bounced back 8 per cent to Rs 472.50 from its record low of Rs 395.50 on the BSE in Tuesday’s intra-day trade amid heavy volumes.

The stock fell below its previous low of Rs 438.35 touched on November 23, 2022. In the past four trading sessions, the stock tanked 48 per cent from level of Rs 761 on January 31, after the Reserve Bank of India (RBI) ordered Paytm Payments Bank (PPBL), associate company of OCL, to cease major banking services after February 29.

BLS E-Services has made a robust market debut with the share price of the company more-than-doubled and zooming 129 per cent to Rs 309, as against its issue price of Rs 135 per share on BSE on Tuesday. On the National Stock Exchange (NSE), the stock of the IT-enabled services company opened at Rs 305, up 126 per cent over its issue price.

Post listing, BLS E-Services has moved higher by 140 per cent to Rs 323.90 on the BSE at 10:05 am. A combined nearly 14 million equity shares changed hands on the NSE and BSE.

Jio Financial Services Ltd (JFSL) late on Monday denied reports saying that it was in talks with Paytm to acquire its wallet business.

In a regulatory filing, the company said, "We clarify that the news item is speculative, and we have not been in any negotiations in this regard."

In a letter dated February 5, 2024, the Reserve Bank of India (RBI) has approved the application of HDFC Bank Limited to acquire an "aggregate holding" of up to 9.5 per cent of the paid-up share capital or voting rights in IndusInd Bank Limited, according to a regulatory filing by IndusInd Bank with the BSE. The approval has been granted following the application submitted by HDFC Bank to the RBI.

The filing said that RBI's approval is subject to compliance with the relevant provisions of the Banking Regulations Act, 1949.

Paytm crisis: Paytm founder and CEO Vijay Shekhar Sharma has assured employees that there would be no layoffs in the company and that they are engaging with the Reserve Bank of India (RBI) and working with other banks for partnership, reported Moneycontrol.

According to the report, Sharma said in a virtual town hall with employees of Paytm Payments Bank (PPBL) that many banks are helping them. "You are a part of the Paytm family, and there is nothing to worry about," he said on Saturday.

Larsen and Tourbo (L&T) on Monday said its Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) has bagged a large onshore project from IndianOil Adani Ventures Limited.

L&T defines large contracts between the range of Rs 2,500 crore and Rs 5,000 crore.

The scope of work includes engineering, procurement, construction, and commissioning of offsite tankages, bullets and other associated facilities on a lump sum turnkey basis, the company said in a filing to BSE.

The Singapore International Arbitration Centre on Sunday rejected the emergency arbitration petition filed by Japanese major Sony against Zee Entertainment Enterprises over their failed merger, citing lack of jurisdiction, said a source privy to the development.

Sony Pictures Networks India had filed the petition against Zee Entertainment after terminating their merger that would have created a $10 billion entertainment giant with 25 per cent of the market share among the general entertainment channels.

One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enfo­rcement Directorate (ED) into the company, its associates, and its Fou­nder and Chief Executive Officer (CEO), Vijay Shekhar Sharma.

The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past.

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