Reuters
Flipkart co-founder challenges Indian enforcement agency probe
Sachin Bansal, co-founder of e-commerce giant Flipkart, has mounted a court challenge against India’s financial crime-fighting agency, which has accused him and others of violation of foreign investment laws, court records showed. The agency, the Enforcement Directorate, had in July issued a so-called show cause notice to Flipkart, its founders and some investors asking them to explain why they should not face a penalty of $1.35 billion for alleged violation of foreign investment laws between 2009 and 2015, Reuters reported last month. Court records and media reports on Saturday showed Sachin Bansal has urged a state court in the southern state of Tamil Nadu to quash the agency’s notice, arguing that it was issued after an inordinate delay.
