NEW DELHI : Sachin Bansal, co-founder of e-commerce giant Flipkart, has mounted a court challenge against India's financial crime-fighting agency, which has accused him and others of violation of foreign investment laws, court records showed.
Court records and media reports on Saturday showed Sachin Bansal has urged a state court in the southern state of Tamil Nadu to quash the agency's notice, arguing that it was issued after an inordinate delay. Sachin Bansal, the Enforcement Directorate and Flipkart did not immediately respond to requests for comment. Flipkart has previously said it was"in compliance with Indian laws and regulations" and would cooperate with authorities.
Walmart took a majority stake in Flipkart for US$16 billion in 2018, its biggest deal ever. Sachin Bansal sold his stake to Walmart at that time, while the other co-founder, Binny Bansal, retained a small stake.