Enforcement Directorate has found #flipkart not guilty of FDI violation.
If any, serving a showcause notice would be only after detailed consultations with agencies such as FIPB, RBI and finance ministry that are responsible for implementation of the FDI policy and foreign exchange rules. Some of these agencies believe a fool-proof case cannot be built against Flipkart, sources said [via]
Update : This isn’t confirmed yet. We will update as and when the announcement happens.
This will bring relief to the company which is facing lot of heat over the billionday sale.
Time for Indian agencies to revisit their policies and regulations. If ‘Make In India’ is the mantra, then startups and SMEs need better clarity on regulations. The government needs to matchup to the new new business models?
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