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The Madras High Court on Friday agreed to hear the plea by Flipkart co-founder Sachin Bansal challenging the Foreign Exchange Management Act (FEMA) violation notice issued to him by the Enforcement Directorate (ED).
Sachin Bansal had moved the Madras High Court in a petition challenging the notice on the ground that there was an inordinate delay on the part of the ED in issuance of this notice when the transaction referred to in the notice took place almost 12 years back.
Sachin Bansal further stated that the ED had not given any justification or reason for this delay. Calling it an “arbitrary exercise of power”, Bansal sought quashing of the notice from the bench.
The single judge bench of Justice R Mahadevan observed as to why the ED had failed to take action in the past 12 years while issuing notice to the agency to respond to Sachin Bansal’s plea within three weeks.
The notice under challenge before the court has been issued under Section 16 of the FEMA for alleged non-compliance with conditions prescribed in the Consolidated FDI Policy of 2010.
Sachin Bansal stated in his petition that it was to his “utter shock and dismay” that he was served with the ED notice claiming that he, along with Binny Bansal, were personally responsible for the alleged violation of the FDI Policy involving a staggering amount of approximately Rs 23,000 crore.
