Sachin Bansal is still fighting Eight Lawsuits

Popular E-commerce platform- Flipkart was founded by Sachin Bansal and Binny Bansal in the year 2007 initially as a marketplace to sell and purchase books. Later it expanded itself from selling books into other categories. However, in the year 2018, Sachin Bansal left the company following the acquisition of a major stake by U.S.-based Walmart because of the differences with the Board Members, yet he is still fighting eight lawsuits from his tenure at Flipkart. Bansal’s latest entrepreneurial venture Navi Technologies, draft red herring prospectus (DRHP), informed that there are currently thirteen lawsuits and litigations filed by or against Sachin Bansal. Some of these cases are related to the personal life of Mr. Bansal while the rest are related to Flipkart. The latest case is filed by Enforcement Directorate (ED), where the investigation agency issued a show-cause notice against Sachin and Binny Bansal in July 2021. The agency asked both of them why they shouldn't face a $1.35 billion penalty over alleged violation of the Foreign Exchange Management Act (FEMA) between 2009 and 2015. In response to the show-cause notice by the ED, Sachin Bansal has filed a writ petition in the Madras High Court.