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India warns Walmart’s Flipkart founders they could face $1.35 billion fine
- Thursday | 5th August, 2021
NEW DELHI (Reuters) -India’s financial-crime agency has asked Walmart’s Flipkart and its founders to explain why they shouldn’t face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters. The Enforcement Directorate also did not respond to a request for comment. India’s brick-and-mortar retailers say Amazon and Flipkart favour select sellers on their platforms and use complex business structures to bypass the foreign investment laws, hurting smaller players. “We urge the ED (Enforcement Directorate) to not only impose a heavy fine but recommend the government ban both these portals unless they follow the law in letter and spirit,” said Khandelwal. After the story, the Enforcement Directorate sought information and documents from Amazon about its business operations, Reuters has reported.
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