Flipkart gets $1.35-bn ED notice

Chennai: E-commerce major Flipart has received a show cause notice from the Enforce-ment Directorate asking why it should not face a penalty of $1.35 billion for allegedly violating Foreign Direct Investment laws. Flipkart said that the company was in compliance with the laws.

The show cause notice has been issued by ED’s office in Chennai to Flip-kart, its founders Sachin Bansal and Binny Bansal and investor Tiger Global. The alleged lapses had occurred between 2009 and 2015, as per the notice.