The execution management (de) presented a complaint pursuant to the relevant provisions of the Foreign Exchange Management Act, 1999 (Fema) against m/s. Myntra Private Limited Designs (Myntra) and its related companies and their directors for alleged violation of the collapse of RS 1,654.In a press declaration issued on Wednesday, the Federal Agency stated that the investigations on its part were started on the basis of credible information that m/s. Myntra Designs Private Limited (Myntra) and its connected companies are making multi -friendly retail trade (MBRT) under the remains of “Wholesale Cash & Carry”, presumably in violation of the existing policy of the ide.
“The investigation and based on the provisions of Fema, 1999, revealed that M/S. Myntra designs Pvt. Ltd. had declared that she was engaged in the wholesale cash & carry affairs and guests and received IFD from foreign investors Pvt. The retail goods of the end customer).He also stated that “M/S vector e-commerce Pvt. Ltd. was created and continued to be used as a corporate entity to bifting [(business to customer i.e. Myntra Designs Pvt. Ltd. to retail customers)] B2B transaction (Myntra designs pvt. Ltd. a vector e-commerce pvt. Ltd.) and therefore B2C (Vector e-commerce pvt. Ltd. to retail customers); And Investigation also revealed that MyNTRA Designs Pvt. Ltd. was actually performing multi-multi-bridal retail in the guise of wholesale cash & carry “
Even otherwise, the agency added: “Myntra designs PVT“Myntra designs pvt. Ltd. and others have violated the provisions according to section 6 (3) (b) of the Foreign Management Act, 1999 and consolidated the policy of Ides dated 1.2010 and consolidated the policy of idi dated 1 October 2010 for the melody of RS. 1654.35.08.981,” he said.
In light of the above, and has presented a complaint pursuant to the relevant provisions of Fema before the judicial authority.
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