New Delhi, July 24 -- The Enforcement Directorate (ED) on Wednesday said it has registered a FEMA case against Flipkart-backed e-commerce platform Myntra, its linked companies and directors for alleged FDI contravention of over Rs 1,654 crore.
The agency said in a statement that the complaint was filed by its Bengaluru zonal office under Section 16(3) of the Foreign Exchange Management Act (FEMA) acting on "credible information" that Myntra Designs Private Limited, whose brand name is Myntra and its related companies are doing multi-brand retail trade in the guise of "wholesale cash and carry". This is in alleged violation of extant Foreign Direct Investment (FDI) guidelines and provisions of the FEMA, the agency said in a statement.
A sp...