Delhi Court Asks Police to Probe Claims against Paytm within 3 Weeks
A Delhi district court has asked police to conclude the investigation and submit the final report within three weeks on claims from a former Paytm director, who said that he cofounded the digital payments company but did not receive the shares owed.
Ashok Kumar Saxena in legal documents said he invested $27,500 two decades ago in Paytm parent company One97 Communications but was never allotted any stock. Saxena, a director from 2000 to 2004, has written to the markets regulator urging it to stop the Paytm IPO.
Corporate governance experts said the tussle could spark regulatory inquiries and complicate the approval of an IPO that could value Paytm at up to $25 billion.
On Monday, a Delhi district court judge requested the final report of the police’s investigation within three weeks.
India Government IT Spending to Grow 8.6% in 2022, Software to Record Highest Growth
India government IT spending is projected to total $8.3 billion in 2022, an increase of 8.6 percent from 2021 according to a latest forecast by Gartner.
Moving from legacy systems to digital will be a major reason for IT spending growth in 2022. Indian government organizations, both local and national, will increase spending on all segments of IT in 2022, except for telecom services. The software segment is forecast to achieve the highest growth of 24.7 percent in 2022 as the adoption of citizen service delivery applications with use of artificial intelligence and machine learning will improve across citizen initiatives. As India prepares itself for 5G rollout, the telecom market requires deep pockets to make an impact on innovation, quality of services to citizens, pricing. Hence, the focus on investing on telecom services will be lower as compared to the other segments in 2022.
Bharti AXA Life Records 7X Growth in Digital Sales with Digital Transformation
Bharti AXA Life has completely digitized its sales operation to meet the demands of an evolving customer with 100 percent adoption amongst Front Line Sales Executives. The company unveiled its revamped website recently with an enhanced and intuitive customer experience.
With the digital transformation, the company managed to reduce customer complaints by 39 percent and is on a path to further improve its Net Promoter Score (NPS) by over 50 percent in FY22. The Direct to Consumer Channel was set up last year and has grown significantly. Overall, Bharti AXA Life recorded a tremendous 7X growth in digital sales in the FY 2020-21.
The digital transformation initiatives include the launching of applications such as M-Sell, M-Customer and M-Life, launching data driven initiatives – data lakes and customer 360, as well as revamping the corporate website. The organization launched M-Smart, an award winning and efficient digital solution to support their direct sales force including agents and distributors for better lead management, customer on-boarding and to provide efficient services for their customers.
