Flipkart Co-Founder Goes To Court After Probe Agency's Penalty Notice
NDTV
The ED had in July issued a so-called show cause notice to Flipkart, its founders and some investors, asking them why they should not face a $1.35 billion penalty for alleged violation of foreign investment laws between 2009 and 2015.
Sachin Bansal, co-founder of e-commerce giant Flipkart, has mounted a court challenge against the Enforcement Directorate (ED), which has accused him and others of violation of foreign investment laws, court records showed. The ED had in July issued a so-called show cause notice to Flipkart, its founders and some investors, asking them to explain why they should not face a penalty of $1.35 billion for alleged violation of foreign investment laws between 2009 and 2015, Reuters reported last month. Court records and media reports on Saturday showed Sachin Bansal has urged a court in Tamil Nadu to quash the agency's notice, arguing that it was issued after an inordinate delay. Judge R Mahadevan heard the matter on Friday and asked the ED to file a response, reports said.More Related News