Reuters was first to report that India’s financial-crime agency has asked Walmart’s Flipkart, its founders, investor Tiger Global and others, to explain why they shouldn’t face a penalty of $1.35 billion for alleged violation of foreign investment laws. Flipkart confirmed the notice to Reuters ahead of publication and said it will cooperate with authorities. The notice from the Enforcement Directorate agency is the latest regulatory headache for the online retailer, which is already facing tougher restrictions and antitrust investigations in India.
Business & FinanceTechnology
Reuters reveals India warns Walmart’s Flipkart, founders they could face $1.35 billion fine
05 August 2021, 2:23 pm. 1 minute
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