Flipkart has reportedly breached Foreign Exchange Management Act

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Flipkart set to receive ED notice on FEMA breach of Rs 1,400 crore — economictimes.indiatimes.com

The Enforcement Directorate, which is probing Flipkart for alleged breach of Foreign Exchange Management Act, is likely to send a show-cause notice alleging violation of Rs 1,400 crore, said a senior finance ministry official.
In late 2012, the commerce & industry ministry had told the Lok Sabha that Flipkart Online Services, India's leading e-commerce company, was under ED's scanner for possible violation of foreign investment rules. Now, the agency has prima facie evidence that the company has flouted the country's FDI rules, the finance ministry official said, asking not to be named.
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