FLIPKART CO-FOUNDER MOVES TO HIGH COURT OVER 10.6 CRORE ENFORECEMENT DIRECTORATE NOTICE ON VIOLATION OF FEMA Flipkart Co-founder Sachin Bansal has proceeded to the Madras High Court after receiving a 10.6 Crore notice by the ED for violating the norms under FEMA. The notice was issued against Mr. Bansal and few other heads for non-compliance with a condition specified under the Foreign Direct Investment Policy of 2010 in respect of issuance of shares of certain Flipkart group companies to foreign investors during the period of 2009 to 2014. Justice Mahadevan on the 3rd questioned the relevant authorities as to why action was not taken and ordered the ED to send the relevant notice. Reddy and Reddy Law Firm has a skilled team of legal professionals to assist you in matters dealing with the corporate matters.