Flipkart co-founder Sachin Bansal moves Madras High Court challenging ED's FEMA notice

Flipkart co-founder Sachin Bansal moved the Madras High Court in a petition challenging the notice about violation of the FEMA, stating that there was an inordinate delay on part of the ED in issuance of this notice when the transaction took place almost 12 years back.

The Madras High Court on Friday agreed to hear the plea by Flipkart co-founder Sachin Bansal challenging the Foreign Exchange Management Act (FEMA) violation notice issued to him by the Enforcement Directorate (ED). Sachin Bansal had moved the Madras High Court in a petition challenging the notice on the ground that there was an inordinate delay on the part of the ED in issuance of this notice when the transaction referred to in the notice took place almost 12 years back.