ED may penalise Flipkart with $1.35 billion for violation of foreign investment laws
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The Enforcement Directorate has sent a notice to Walmart's Flipkart and its founders over the alleged violation of foreign investment laws. The central probe agency has asked the e-retail giant why it should not impose a penalty of $1.35 billion on it. The agency has been probing the alleged bypassing of the foreign investment laws by e-commerce giants Flipkart and Amazon. ED also issued a "show cause notice" to Flipkart in July.