Flipkart case: Indemnity clause may shield Walmart

NEW DELHI: Flipkart founders, Sachin and Binny Bansal, along with some of the investors may have to bear the burden for alleged violation of FEMA by the e-commerce company, for which the directorate of enforcement (ED) has served a notice.

Since the transactions under the scanner is for the period before Walmart took charge of the homegrown etailer, the indemnity clause is expected to protect the global giant from penalty, sources familiar with the exercise said.

They cited the case of Ranbaxy promoters Shivinder and Malvinder Singh being asked to cough up Rs 3,500 crore, following the acquisition by Japanese major Daiichi Sankyo when it came to light that the brothers had hidden the details of pending investigations.