In its show cause notice, Vijay was allegedly disclosed as the promoter of One97 Communications in the annual returns of the company filed with the Registrar of Companies prior to the FY 2020-21. There was no material change in his rights or influence over the management of the company but Vijay declassified himself as non-promoter on July 12, 2021 just before filing of IPO documents by OCL on July 15, 2021. Further, Vijay allegedly created such a scheme through arrangement of transfer of a portion of his equity in OCL to a family trust -- created a few days prior to filing of offer documents for IPO by OCL-- controlled by him so that he could continue to exercise control over more than 10 per cent equity of OCL directly and indirectly and circumvent the provisions of the Sebi (Share Based Employee Benefits and Sweat Equity) norms for getting arbitrarily huge number of ESOPs to himself to the detriment of public shareholders. OCL allegedly allowed such actions by Vijay to circumvent norms.