VARINDIA IT MAGAZINE

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 th

Avantha Group's Gautam Thapar arrested by ED for money laundering:  On Tuesday evening the   Enforcement Directorate (ED)   arrested   Avantha Group promoter Gautam Thapar   investigating a money laundering case against him. The agency arrested him following searches at 14 locations, including Mumbai and Delhi. The ED started interrogating Thapar on Tuesday morning in connection with the alleged property transaction between Avantha Realty and   YES Bank's co-founder Rana Kapoor   and his wife.   In June, the federal agency had booked Thapar and promoters and directors of two private companies based in Delhi and Gurugram for causing an alleged loss of Rs 467 crore (approximately) to YES Bank.  Central Bureau of Investigation (CBI)  too has been investigating Thapar's role in the matter.   Agencies also examined Thapar's role in alleged irregularities at CG Power and Industrial Solutions in a separate case.   In 2019, the CG Power Board had removed Thapar, the promoter an