Flipkart, Founders Could Face $1.4B Fine Over India Probe: Rtrs

Flipkart and its founders could face a penalty of $1.35b for alleged violation of foreign investment laws, Reuters reports, citing three sources and an official from India’s Enforcement Directorate agency

• Agency has Flipkart and founders to explain why they shouldn’t face the fine
• Case concerns an investigation into allegations that Flipkart attracted foreign investment and a related party, WS Retail, then sold goods to consumers on its shopping website, which was prohibited under law
• NOTE: Flipkart Appeals to India’s Supreme Court on Antitrust: RTRS

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