ED sends notice to Flipkart over forex violations, may face $1.35 billion fine
India Today
The Enforcement Directorate has sent a notice to Flipkart and its founders over violation of some foreign investment laws. The e-commerce firm could face a fine to the tune of $1.35 billion.
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.More Related News