ED issues Rs 10,600-crore notice on Flipkart for forex violations


ED issues Rs 10,600-crore notice on Flipkart for forex violations: The Enforcement Directorate (ED) has issued a show cause notice of about Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law.

 

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. According to sources, the notice was issued after completion of an investigation and the charges include violation of the foreign direct investment (FDI) rules and those that regulate multi-brand retail. The company and its executives will now undergo adjudication that will be conducted by a Special Director-rank officer of the agency based in Chennai.

 

Proceedings under FEMA are civil in nature and the final penalty, post-adjudication, can be at least three times the amount contravened under the law. Flipkart said it was cooperating with the ED in this investigation....Read More

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