Flipkart Owner Sachin Bansal Challenges Ed’s Notice, Madras High Court Agrees To Hear – The Madras High Court has accepted a petition filed by Flipkart co-founder Sachin Bansal for hearing. Bansal has filed this petition challenging a notice of the Enforcement Directorate (ED) in the court.
Flipkart Owner Sachin Bansal Challenges Ed’s Notice, Madras High Court Agrees To Hear
ED notice to Bansal
The ED has sent a notice to Sachin Bansal for alleged violation of provisions of the Foreign Exchange Management Act (FEMA). This notice has been issued under section 16 of FEMA. The ED claims that Sachin Bansal along with Binny Bansal violated the terms of the consolidated FDI policy of 2010 and he is personally responsible in the case involving around Rs 23,000 crore.
Sachin Bansal’s petition in court
Sachin Bansal, in his petition, has challenged this notice in the High Court, making the basis of the ED’s delayed notice. He says that this notice has been given for a transaction done about 12 years ago. At the same time, no concrete reason has been given by the ED for giving the notice so late.
‘Arbitrary use of power by ED’
In his petition, Sachin Bansal has termed this notice of ED as ‘misuse of powers’. Along with this, the court has demanded to quash the notice. Bansal expressed surprise at the notices now being served for the 12-year-old transaction and holding him personally responsible for the alleged violations along with Binny Bansal.
ED has 3 weeks
Madras High Court Judge Justice R. The single bench of Mahadevan, while accepting Bansal’s plea, asked the ED to respond to it within three weeks. The court found that why did the ED take 12 years to serve this notice?