Flipkart

Flipkart and its founders may be fined Rs 10 crore, warning by ED

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The Compliance Office warned that the country’s largest e-commerce company Flipkart and its founders Sachin Bansal and Binny Bansal will be fined 100 billion rupees ($1.35 billion). Foreign investment law. According to Reuters, the Compliance Office made a convincing statement to Flipkart and its founders. Flipkart and other companies have approximately 90 days to respond to notifications. They were accused of violating foreign investment laws. According to Reuters, the Compliance Office has issued a convincing statement to the company and its founders.

Flipkart and other companies have approximately 90 days to respond to notifications. Flipkart attracts foreign investment, and its affiliate WS Retail then illegally sells goods to consumers on its shopping website. In early July, the agency’s Chennai office sent a presentation announcement to the company, its founders Sachin Bansal and Binny Bansal, and current investor Tiger Global, stating that they owed Rs 10 crore. Walmart acquires a majority stake in Flipkart.

Walmart acquired a controlling stake in Flipkart for US$16 billion in 2018. This is the largest transaction in history. Sachin Bansal then sold his stake in Wal-Mart, while Binnie Bansal retained a small share. After obtaining US$3.6 billion in financing in July, Flipkart’s valuation more than doubled in less than three years to US$37.6 billion.

During this period, SoftBank reinvested in the company before going public. This news caused a headache for the Internet retailer. They are already facing severe fines and antitrust regulations in India, as well as more and more complaints from small vendors.