HomeNewsSachin Bansal challenges ED notice on FDI norm violation before Madras HC
Sachin Bansal challenges ED notice on FDI norm violation before Madras HC
September 5, 2021
Flipkart co-founder Sachin Bansal has moved Madras High Court to challenge a show cause notice by Enforcement Directorate over alleged violation of foreign investment laws amounting to ₹23,000 crore.
In July this year, the financial probe agency had issued a show cause notice against the co-founders of Flipkart and others, asking why they shouldn’t face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act between 2009 and 2015.
Bansal mentioned in his petition that he had cooperated in the investigation undertaken by the ED. Bansal said in his petition that given the lapse of time, he believed ED has decided to that no action is warranted in the matter.