ED alleges Flipkart-backed platform violated FDI rules by operating inventory-based multi-brand retail under Section 2(1)

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ED alleges Flipkart-backed platform violated FDI rules by operating inventory-based multi-brand retail under Section 2(1)

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....The Enforcement Directorate has filed a case against a Flipkart-backed e-commerce platform and its related entities for allegedly violating Foreign Direct Investment (FDI) regulations by engaging in multi-brand retail trade under the guise of wholesale cash and carry, involving over Rs 1,654 crore. The agency found that the company received FDI while operating an inventory-based model, which is prohibited under current FDI policy that only permits marketplace models. The company sold most goods to a related entity, which then retailed to customers, effectively converting B2C transactions into B2B and then B2C, contravening the limit allowing only 25% sales to group companies. These actions are alleged to breach provisions of the Foreign Exc.........

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ED alleges Flipkart-backed platform violated FDI rules by operating inventory-based multi-brand retail under Section 2(1)