Chennai: Flipkart co-founder Sachin Bansal moved Madras High Court challenging Rs. 10,600 Cr Foreign Exchange Management Act (FEMA) violation notice issued by the Enforcement Directorate.
The matter came for hearing before Justice Mahadevan on September 3. Justice Mahadevan said, "I was surprised why authorities failed to take action against the alleged violation for the past 12 years." The HC directed the ED to respond to this issue within three weeks.
Flipkart, its founders and nine others have been issued notices by the Enforcement Directorate (ED) over alleged forex violations. The ED sought an explanation asking, "why they should not face a penalty of Rs.10,600 crore for alleged violation of foreign investment laws."
Sachin said, "I left Flipkart company in 2010 and no longer associated with the company. This has been clearly explained to the ED many times. But even after 12 years, now again notice was issued against me. It should be withdrawn."
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