MUMBAI: The Enforcement Directorate is looking to slap a show-cause
notice on e-commerce major Flipkart over alleged FEMA violation, a
report by ET Now said on Thursday evening.
The channel quoted sources as saying, "Our investigation is over and our Bangalore team has found evidence of FEMA violation against Flipkart." According to the report, the e-tailer may face a penalty of over Rs 1,000 crore.
A source who refused to be identified said Flipkart had violated FEMA provisions as WS Retail, the holding company, had investments from companies overseas.
The channel quoted sources as saying, "Our investigation is over and our Bangalore team has found evidence of FEMA violation against Flipkart." According to the report, the e-tailer may face a penalty of over Rs 1,000 crore.
A source who refused to be identified said Flipkart had violated FEMA provisions as WS Retail, the holding company, had investments from companies overseas.
