Saturday, November 27, 2021
Home Tech We are compliant with Indian laws: Flipkart says on Enforcement Directorate notice

We are compliant with Indian laws: Flipkart says on Enforcement Directorate notice

New Delhi: As the Enforcement Directorate has served a notice to e-commerce major Flipkart over alleged violation of foreign exchange norms, the company has said that it has been compliant to the Indian laws and will cooperate with the authorities in the matter which pertains to 2009-2015.

Responding to a query on the notice, the company said in a statement: “Flipkart is in compliance with Indian laws and regulations, including FDI regulations.”

“We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice,” it said.

The Enforcement Directorate (ED) has issued notices to Flipkart, its founders and nine others in connection with foreign exchange violation case, officials said on Thursday.

A senior ED official related to probe told IANS, “Yes, a notice has been issued to Flipkart, its founders and nine others.”

He, however, did not reveal the details of the persons to whom notices have been sent.

According to financial probe agency sources, in the notice they have asked to explain why they should not face a penalty of $1.35 billion for alleged violation of foreign investment laws.

The source said that Flipkart and its other holding firms including one in Singapore violated Foreign Exchange Magamenet Act (FEMA) while attracting foreign investments between 2009 and 2015.

According to ED, the investigating agency has found that WS Retail, a firm incorporated in 2009 to transact with customers, was allegedly acting as a front for retail operations of Flipkart Online Services, incorporated in 2008.

The ED investigation started after the RBI had raised the issue. Also Read: Xiaomi topples Samsung to become largest smartphone brand for the first time

In 2018, Walmart took a majority stake in Flipkart. Sachin Bansal sold his stake to Walmart during the deal, while Binny Bansal retained a small stake. Also Read: Facebook app’s settings page design revamped for easy tool access

Source link


WhatsApp Update: Forward stickers without saving! Details inside WhatsApp Update: Forward stickers ... Create WhatsApp stickers from ... Walmart Black Friday Deals 2021: ... Beware of PhoneSpy malware found ... /* window.addEventListener('load', (event) => { setTimeout(function...

PUBG: New State Will Be Safer And More Refined With Upcoming Update

PUBG New State is set in 2051.PUBG New State was launched earlier this month and has already raked in more than 40 million...

Starlink Warned by Telecom Department to Get Licence Before Offering Services

Department of Telecommunications, Ministry of Communications, on Friday pointed out that Starlink Internet Services is not licensed to offer satellite-based internet services...


Please enter your comment!
Please enter your name here

- Advertisment -stock market course

Most Popular

‘Salman Khan doesn’t have time to get married’: Aayush Sharma

New Delhi: Salman Khan's brother-in-law and actor Aayush Sharma has been basking high after the release of his most-anticipated film ‘Antim: The Final...

The Netherlands finds 61 Covid cases in air arrivals from South Africa, and is checking for the variant.

Sixty-one people from two flights from South Africa to the Netherlands have tested positive for the coronavirus, Dutch health officials said early Saturday....

In Pic: Vicky Kaushal’s “Favourite Place On Earth.” See His Post

<!-- -->Vicky Kaushal shared this image (Image courtesy: vickykaushal09)HighlightsVicky Kaushal posted a picture on Instagram Vicky Kaushal was last seen in 'Sardar Udham' He has...

What are Cluster Headaches? Know the Causes, Symptoms, and Prevention

Cluster headaches are a group of headache disorders, and are the most frequent of the headache syndromes known as trigeminal autonomic cephalalgias. The...

Recent Comments

%d bloggers like this: