ED closes FEMA case against Flipkart-owned Myntra after Rs 2.88 lakh compounding settlement
The Enforcement Directorate has closed its FEMA investigation into Myntra over alleged FDI violations of Rs 1,654 crore, after the RBI issued an April 20 compounding order settling Rs 45.88 crore in contraventions for a one-time payment of Rs 2.88 lakh.
What happened
ED has closed its FEMA investigation against Flipkart-owned Myntra after RBI issued a compounding order on April 20, settling alleged FDI contraventions worth
Key facts
- Rs 1,654 crore alleged FDI violation
- Rs 45.88 crore contraventions
- Rs 2.88 lakh compounding payment
- April 20 compounding order
Why this matters
A clean compliance slate enhances Myntra's standalone valuation optionality and de-risks any potential carve-out, strategic partnership, or pre-IPO restructuring within the Flipkart group.