ED alleges Walmart-owned Myntra violated foreign investment rules

ED Probes Myntra and Simpl for ₹2,567 Crore FEMA Violations in Foreign Investment Case - The Tech Outlook

The Directorate of Enforcement (ED)has announced an investigation against Myntra Designs Private Limited and its associated companies for alleged violations of the Foreign Exchange Management Act (FEMA) involving ₹1,654 crore. The probe claims that Myntra engaged in multi-brand retail trading disguised as wholesale cash and violating India’s foreign direct investment (FDI) policies that regulate retail […]

Myntra Faces Foreign Investment Probe as India Tightens Grip on E-Commerce

The Enforcement Directorate accuses Walmart-backed fashion giant of violating retail investment rules, intensifying scrutiny of global e-commerce players… The post Myntra Faces Foreign Investment Probe as India Tightens Grip on E-Commerce appeared first on IMP.NEWS.

ED alleges Walmart-owned Myntra violated foreign investment rules

India’s financial intelligence agency, the Enforcement Directorate (ED), said on Wednesday that it had found the Indian unit of Walmart-owned Flipkart’s fashion e-commerce venture, Myntra Designs, had violated foreign investment rules that bar foreign wholesalers from selling directly to consumers. The ED claimed that Myntra positioned itself as a wholesale cash-and-carry player and attracted US […] The post ED alleges Walmart-owned Myntra viola…