New Delhi: The Enforcement Directorate has issued a Rs 10,600 crore show-cause notice to e-commerce firm Flipkart for allegedly violating the Foreign Exchange Act (FEMA). The notice was issued to 10 companies and individuals, including Flipkart founders Sachin Bansal and Binny Bansal.
According to the ED, the lawsuit was probably funded by Flipkart and a Singaporean firm between 2009 and 2015. In 2018, the US company Walmart acquired Flipkart.
