ED files FEMA case against Myntra for Rs 1,654 crore FDI violation
The Directorate of Enforcement (ED), Bengaluru Zonal Office, has filed a case against Myntra Designs Private Limited and its associated entities and directors under Section 16(3) of the Foreign Exchange Management Act, 1999 (FEMA). The case accuses contravention of nearly Rs 1,654.35 crore, allegedly for violating the FDI policy by carrying out Multi-Brand Retail Trade…