India, March 1 -- One 97 Communications (OCL), the parent firm of online payments platform Paytm, has once again come in the spotlight after it received two show-cause notices for alleged violations pertaining to the Foreign Exchange Management Act (FEMA), 1999.

In its disclosure to exchanges, One 97 said the notices were sent for transactions worth Rs.611.17 crore related to the company itself and its investments in two of its subsidiaries - Little Internet Private Limited (LIPL) and Nearbuy India Private Limited (NIPL).

The company said certain current and former directors and executives of the company also received the notices.

One 97 noted that the impugned transactions were carried out between 2015 and 2019, when LIPL and NIPL wer...