NEW DELHI (Reuters) – 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 judge in the case, R Mahadevan, heard the matter on Friday and asked the Enforcement Agency to file a response, reports said. Sachin Bansal, the Enforcement Directorate and Flipkart did not immediately respond to requests for comment. Flipkart has previously said it was “in compliance with Indian laws and regulations” and would cooperate with authorities. Sachin Bansal sold his stake to Walmart at that time, while the other co-founder, Binny Bansal, retained a small stake.

Source: MetroXpress September 04, 2021 09:00 UTC