ED files Fema violation case against Myntra over Rs 1,654 crore FDI
The Enforcement Directorate (ED) on Wednesday said that it has filed a case against Myntra Designs, its associated companies and their directors for allegedly violating foreign direct investment (FDI) norms to the tune of Rs 1,654.35 crore. The proceedings have been initiated by ED’s zonal office in Bengaluru under Section 16(3) of the Foreign Exchange Management Act (Fema), 1999.
Charges against Flipkart
The central charge against the Flipkart-backed fashion and lifestyle e-commerce platform is that it engaged in multi-brand retail trade (MBRT) under the guise of wholesale cash and carry, which is barred from receiving FDI under current policy.
