Flipkart co-founder Sachin Bansal has moved the Madras High Court challenging a Rs 10,600-crore FEMA (Foreign Exchange Management Act) violation notice by the Enforcement Directorate (ED).
The ED notice was issued against Bansal and others for alleged non-compliance with a condition in the consolidated Foreign Direct Investment Policy of 2010 in respect of issuance of shares of certain Flipkart Group companies to foreign investors during 2009-14.
On Friday, Justice R Mahadevan asked why the authorities had failed to take action on the alleged violation for the past 12 years. He then directed the ED to file its response within three weeks.
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