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 agency has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers. The ED official, who declined to be named, said the case concerned 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. A so-called “show cause notice” was issued in early July by the agency’s office in the southern city of Chennai to Flipkart, its founders Sachin Bansal and Binny Bansal as well as current investor Tiger Global, to explain why they should not face a fine of 100 billion rupees ($1.35 billion) for the lapses, said the agency.
Dance
RAGAMALA DANCE PERFORMS AT PROSPECT PARK
By Mabel Pais “[the] universal and visual atmosphere is intoxicating, no matter your background…a wholly magnificent piece of live art.” – The Chicago Tribune The Ragamala Dance Company presents ‘Sacred Earth’ on July 22, 2022 […]
Science & Technology
Earth’s solid inner core is surprisingly soft like butter, study suggests
Scientists recently discovered that Earth’s inner core, which was long thought to be hard like a solid metal sphere, might be a lot softer – more like butter. A new study, led by the University […]
Perspective
Assault on Media Continues across the Globe
India’s record on violations against Journalists has been among the worst in recent times. A nation, said to be the “beacon of hope” and the “largest democracy” in the world dropped eight laces to 150 […]
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