Flipkart co-founder Sachin Bansal moves HC on Rs 11,000 crore FEMA notice

Sachin Bansal moved the Madras High Court on Friday challenging a Rs 10,600-crore FEMA (Foreign Exchange Management Act) violation notice by the enforcement directorate (ED). Bansal is the co-founder of ecommerce platform Flipkart.

The notice issued against Bansal and others alleged non-compliance with a condition in the consolidated FDI policy of 2010 in respect of issuance of shares of certain Flipkart Group companies to foreign investors during 2009-14.

Justice R Mahadevan had on Friday asked why authorities failed to take action on the alleged violation for the past 12 years, directing the ED to file its response within three weeks.