Notice To Flipkart, Its Founders, 9 Others Over Alleged Forex Violations

Flipkart, its founders and 9 others have been issued notice by Enforcement Directorate over alleged forex violations.

Flipkart, its founders and nine others have been issued notice by Enforcement Directorate (ED) over alleged forex violations. They have been asked to explain why they should not face a penalty of $1.35 billion for alleged violation of foreign investment laws. ED sources said that Flipkart violated FEMA rules while attracting foreign investments between 2009 and 2015. "Flipkart is in compliance with Indian laws and regulations, including foreign direct investment (FDI) regulations. We will cooperate with the authorities as they look at this issue pertaining to the period 2009-15 as per their notice," a statement issued by Flipkart said.