PB Fintech Subsidiary Paisabazaar Receives Benami Property Order; Plans Appeal
Paisabazaar, a subsidiary of PB Fintech, received an order under the Prohibition of Benami Property Transactions Act, 1988. The order concerns allegations of Paisabazaar being a beneficial owner in vendor transactions. Paisabazaar plans to appeal the order, and the company currently sees no financial impact.
While the company states no immediate financial impact, an order under the Prohibition of Benami Property Transactions Act can have significant implications if the appeal is unsuccessful. The nature of the act itself suggests potential for material impact on operations or assets.
The company received an order from an adjudicating authority, which is a regulatory action. However, the company plans to appeal the order and states there is no financial impact at this time, making the sentiment neutral.
PB Fintech Limited announced that its wholly owned subsidiary, Paisabazaar Marketing and Consulting Private Limited, has received an order under Section 26(3) of the Prohibition of Benami Property Transactions Act, 1988. The order was issued by the Office of the Adjudicating Authority, Prohibition of Benami Property Transactions Act, New Delhi, dated March 24, 2026, and was received by the subsidiary on March 26, 2026.
The Adjudicating Authority's order, dated March 24, 2026, confirmed an earlier order passed by the Initiating Officer on February 27, 2025. This earlier order had alleged Paisabazaar as the beneficial owner in certain transactions with its vendors, as per Section 24(4) of the PBPT Act.
PB Fintech stated that the order passed by the Adjudicating Authority is appealable. Paisabazaar intends to file an appeal against this order in due course. As the order is appealable and an appeal will be filed, the company believes there is no financial impact at this point in time. The disclosure will be hosted on the company's website.
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