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Flipkart gets $1.35-bn ED notice deccanchronicle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from deccanchronicle.com Daily Mail and Mail on Sunday newspapers.
India enforcement agency threatens Flipkart, founders with $1.35 billion fine -sources By Aditya Kalra, Aftab Ahmed and Sanjeev Miglani Reuters NEW DELHI (Reuters) -India s financial-crime agency has asked Walmart s Flipkart and its founders to explain why they shouldn t face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters. The Enforcement Directorate agency has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers. The Enforcement Directorate official, who declined to be named, said the case concerned an investigation into allegations that Flipkart attracted foreign investment and a related party, WS Retail, then sold goods to consumers on its shopping website, which was prohibited under law. ....
Probe Agency Threatens Flipkart, Founders With $1.35 Billion Fine: Report Probe Agency Threatens Flipkart, Founders With $1.35 Billion Fine: Report Enforcement Directorate has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws. A Flipkart spokesperson said the company is in compliance with Indian laws and regulations . New Delhi: The Enforcement Directorate has asked Walmart s Flipkart and its founders to explain why they shouldn t face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters. The Enforcement Directorate has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers. ....
India s brick-and-mortar retailers say Amazon and Flipkart favour select sellers on their platforms and use complex business structures to bypass the foreign investment laws, hurting smaller players. The companies deny any wrongdoing. ....
NEW DELHI, August 5: The Enforcement Directorate (ED) has issued a show cause notice of about Rs 10,600 crore to e-commerce major Flipkart and its ....