ED closes FEMA case against Flipkart-owned Myntra after RBI compounding order
Enforcement Directorate has shut its FEMA probe into Myntra after RBI's April 20 compounding order. The Flipkart-owned fashion e-tailer paid Rs 2.88 lakh to settle Rs 45.88 crore in alleged FDI contraventions, drawn from a wider Rs 1,654 crore investigation into multi-brand retail FDI routing.
ED has closed its FEMA investigation against Flipkart-owned Myntra after RBI issued a compounding order on April 20, with the e-tailer paying Rs 2.88 lakh to settle alleged FDI contraventions involving Rs 45.88 crore in transactions.