The dispute has been cited by Paytm in its IPO prospectus under the section ‘criminal proceedings’. A Nuvoco vendor filed an insolvency petition against the company in the Mumbai bench of the National Company Law Tribunal (NCLT), alleging non-payment of dues worth over ₹5 crore. The vendor also wrote to Sebi and the stock exchanges against the IPO of the firm, citing the pending insolvency petition in the NCLT. However, these are not the first IPO-bound companies to face such last-minute lawsuits. In the past, Quickheal Technologies and Prince Pipes and Fittings, too, went through similar disputes at the time of their IPOs.

Source: Hindustan Times August 17, 2021 01:07 UTC