In compliance with Indian laws, says Flipkart after ED notice on $1 35 bn fine businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
According to sources, the notice under various sections of the Foreign Exchange Management Act (FEMA) was issued to a total of 10 noticees last month that includes Flipkart, its founders Sachin Bansal and Binny Bansal among others.
ED Slaps Rs 10,600-Crore FEMA Contravention Notice Against Flipkart
They said the notice under various sections of the Foreign Exchange Management Act (FEMA) was issued to 10 people last month that includes Flipkart, its founders Sachin Bansal and Binny Bansal, among others.
PTI 05 August 2021, Last Updated at 12:11 pm PTI 2021-08-05T12:09:52+05:30 ED Slaps Rs 10,600-Crore FEMA Contravention Notice Against Flipkart outlookindia.com 2021-08-05T12:11:37+05:30
The Enforcement Directorate (ED) has issued a show cause notice of about Rs 10,600 crore to e-commerce major Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday.
They said the notice under various sections of the Foreign Exchange Management Act (FEMA) was issued to 10 people last month that includes Flipkart, its founders Sachin Bansal and Binny Bansal, among others.
Notice To Flipkart, Its Founders, 9 Others Over Alleged Forex Violations Flipkart, its founders and 9 others have been issued notice by Enforcement Directorate over alleged forex violations.
Updated: August 05, 2021 10:20 am IST
Enforcement Directorate has issued notice to Flipkart and its founders over alleged forex violation
Flipkart, its founders and nine others have been issued notice by Enforcement Directorate (ED) over alleged forex violations. They have been asked to explain why they should not face a penalty of Rs 10,600 crore for alleged violation of foreign investment laws.
ED sources said that Flipkart violated Foreign Exchange Management Act (FEMA) rules while attracting foreign investments between 2009 and 2015.