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E Commerce

ED Offers Flipkart Option To Settle FEMA Case By Paying Penalty


SUMMARY

The ED last week extended this offer under FEMA’s compounding rules, giving the Walmart-owned company an opportunity to admit its mistake, pay a penalty, and close the case

The ED has been investigating Flipkart for alleged FEMA violations linked to the structuring of its operations, including the creation of seller entities and the inflow of foreign investment between 2009 and 2015

These allegations predate Walmart’s acquisition of a majority stake in Flipkart in 2018

The Enforcement Directorate (ED) has…



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by Tech In Asia

GoTo’s legal and corporate secretary said the company follows regulations for public companies and will prioritize the interests of shareholders. Source link

by INC42

SUMMARY The due diligence is done, and both sides are negotiating final terms for the cash and equity transaction If the deal closes, it will mark one of the biggest consolidation in India’s auto tech sector Notably, CarDekho entered the unicorn club in October 2021 after raising $250 Mn at a $1.2 Bn valuation. It, however, shut down its used-car retail business in 2023 after high operating costs made it unviable Listed auto marketplace CarTrade is reportedly in advanced stages to acquire rival CarDekho in a deal valued at… Source link

by INC42

From a brand known for its cool urban image and setting the Indian craft brewery benchmark, Bira 91’s survival hangs by a thread.  The startup, which has raised more than $200 Mn in funding to date from investors such as Peak XV Partners, Sofina, and Kirin Holdings, among others, is struggling to move past the slowdown that hit its business last year.   At the centre of the storm are 600 employees, the investors, and Ankur Jain, the CEO and founder of B9 Beverages Ltd, Bira 91’s parent company.  Jain is under pressure to step down… Source link