Chennai: Flipkart Co-Founder Sachin Bansal has transferred Madras High Court challenging Rs 10,600-Crore notification of FEMA violations issued by the Enforcement Directorate (ED).
This notice was issued with sachin bansal and the others for alleged non-compliance with a condition in the 2010 consolidated foreign investment policy in connection with the issuance of certain FLIPKART group shares to foreign investors in 2009 until 2014.
When the application came up to hear on Friday, justice r Mahadevan wondered why the authorities failed to take action on alleged violations over the past 12 years.
The court then directed Ed to submit a response three weeks.
According to the Petitioner, even though he was one of the founders of the company, he stopped having a relationship with Flipkart and his group company after the same thing was acquired by Wal-Mart on August 17, 2018.
He challenged the notice of the land primer has been issued after a large delay of 12 years after the transaction which is relevant.
Because FEMA does not provide any period of restrictions to file complaints, the legal authority must train its jurisdiction in a reasonable time failing so that the number will violate article 14 of the constitution, he said.
Flipkart Co-Founder Moves Madras HC to Ed Notification
