‘No notice received yet’ Myntra responds to ED allegations

The Enforcement Directorate (ED) has registered a case under the Foreign Exchange Management Act (FEMA) against e-commerce platform Myntra, its associated entities, and directors, for alleged contravention of foreign direct investment (FDI) rules amounting to over Rs 1,654 crore.

In a statement issued on Wednesday, the federal agency said the case was filed under Section 16(3) of FEMA following “credible information” that Myntra Designs Private Limited and related companies were engaged in multi-brand retail operations under the guise of a wholesale cash-and-carry business, an activity not permitted under current FDI regulations.