Actor Aayush Shah and his business partner have accused the founder of an OTT platform of sending them checks totaling over Rs 1 crore that have been returned, and they have lodged numerous complaints against him in this court.

Aayush Shah and his business partner, Mausam Shah, co-founders of the PR firm Maars Communicates, recently filed complaints in a magistrate court under the provisions of the Negotiable Instruments Act.

The accusations concern a number of checks that the Shah pair received from Akshay Bardapurkar, the proprietor of the OTT platform.

Bardapurkar had given Aayush and Mausam nine signed checks under the complaints. When the checks, totaling Rs 1,14,30,400, were presented, they were refused.

Bardapurkar owes Aayush Shah Rs 87 lakh of the total, and Mausam Shah the remaining sum. Since May 2024, interest of Rs 3,61,500 has been payable each month.

According to their attorney Krishnagopal S. Tripathi, Aayush Shah has lodged three complaints against Bardapurkar and the Planet Marathi Seller Services firm. He stated that Mausam Shah had lodged a single complaint against the defendant.

He stated that the two plan to sue Bardapurkar in civil court to get damages and more accountability.

Mumbai: Actor Aayush Shah and his business partner have filed multiple complaints in a court here against the founder of OTT platform  for allegedly issuing them cheques of more than Rs 1 crore which have been dishonoured.

The matter will be heard in due course.

Aayush Shah and his business partner Mausam Shah, co-founders of the Maars Communicates PR agency, filed the complaints before a magistrate court a earlier this month under relevant provisions of the Negotiable Instruments Act.

The complaints pertain to a series of cheques issued by the OTT platform’s founder Akshay Bardapurkar to the Shah duo.

As per the complaints, Bardapurkar had issued nine signed cheques to Aayush and Mausam. The cheques, with a total amount of Rs 1,14,30,400, were dishonoured upon presentation.

Out of the total amount, Bardapurkar owed Rs 87 lakh to Aayush Shah and the remaining to Mausam Shah, with a monthly interest of Rs 3,61,500 accruing since May 2024.

Their lawyer Krishnagopal S Tripathi said Aayush Shah has filed three complaints against Bardapurkar and the Planet Marathi Seller Services company. Mausam Shah has filed one complaint against the accused, he said.

The duo also intend to file a civil case against Bardapurkar to seek damages and further accountability, he added.

Paytm shares drop 8.88% as Sebi investigates IPO compliance; stock down 18.17% this year.

Paytm share price plunged to the day’s low ₹505.55 per share on the NSE today (August 26) after company’s founder Vijay Shekhar Sharma and board members faced show-cause notices from Sebi over IPO breaches.

The markets regulator issued show-cause notices to Vijay Shekhar Sharma and board members who served during its initial public offering (IPO) in November 2021 for alleged misrepresentation of facts, Moneycontrol reported.

One person in the know told the outlet, “Sebi is taking the view that Sharma should have been classified as a promoter, and it was also the fiduciary duty of board members of the company to verify the accuracy of the claims made by the founder and attest the same.”

The source added, “Although Sebi has gone after directors of a company in the past, they have been mostly cases of financial fraud. This is one of the rare cases where Sebi is trying to hold the directors responsible for a potential compliance lapse, which was also not pointed out either by bankers or statutory auditors.”

Paytm share price dropped 8.88 per cent to ₹505.55 apiece on the NSE.

This year, Paytm’s stock has dropped 18.17 per cent as per BSE. In the last one year, it gave negative returns of 41.20 per cent.

This comes after the Reserve Bank of India (RBI) imposed restrictions on PPB due to “persistent non-compliance and ongoing significant supervisory concerns” on January 31 this year. The RBI directed PPBL to close most of its operations, including deposits, credit products, and digital wallets, by March 15 this year.