Chennai: co-founder of Flipkart Sachin Bansal Has approached the Madras High Court challenging the Rs 10,600 crore case FEMA (foreign exchange management act) Violation notice by Enforcement Directorate (Ed)
The ED notice was issued against Bansal and others for alleged non-compliance of a condition regarding issuance of certain shares in the Consolidated Foreign Direct Investment Policy of 2010. flipkart group Companies to foreign investors during 2009-14.
On Friday, Justice R Mahadevan asked why the authorities had failed to act on the alleged violations for the past 12 years. He then directed the ED to file its reply within three weeks.
The ED notice was issued against Bansal and others for alleged non-compliance of a condition regarding issuance of certain shares in the Consolidated Foreign Direct Investment Policy of 2010. flipkart group Companies to foreign investors during 2009-14.
On Friday, Justice R Mahadevan asked why the authorities had failed to act on the alleged violations for the past 12 years. He then directed the ED to file its reply within three weeks.
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