eCommerce
ED Files Case Against Myntra Over Alleged INR 1,654 Cr FDI Violation
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SUMMARY
Flipkart-owned Myntra and its related entities for allegedly flouting FEMA rules to the tune of INR 1,654.4 Cr
The ED alleged that Myntra and its related companies were undertaking multi-brand retail trade (MBRT) in the guise of ‘Wholesale Cash & Carry’, which it said was in violation of India’s FDI policy
The probe agency alleged that Myntra declared that it was engaged in this model and received FDI from foreign investors and then sold the majority of the goods to its affiliate Vector Ecommerce Pvt Ltd.
The…
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