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. 

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ED Files Case Against Myntra Over Alleged INR 1,654 Cr FDI Violation


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…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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