Pakistan's economy faces a grim future with inflation expected to stay high. Soaring oil prices and regional conflict are straining the nation's finances. Analysts predict economic growth will slow significantly. The country's stock market is already among the world's worst performers
Delhi on Sunday (May 3, 2026) recorded a minimum temperature of 24.6°C and is likely to witness thunderstorms with rain, according to the India Meteorological Department (IMD). The IMD on Saturday (May 2, 2026) issued a 'yellow' alert for the national capital for the next two days, warning of rain
‘I never thought this could happen to me, I’m young, just in my 30s. It’s a line we hear quite often," says Dr Chetan Anchan, Surgical Oncologist, Director, SSO Cancer Hospital. Over the last few years, there has been a noticeable rise in cancers being diagnosed in younger individuals—cases
Diksha Dagar in contention in Mauritius as Hitaashee, Tvesa also make cutDiksha Dagar in contention in Mauritius as Hitaashee, Tvesa also make cut Published on: May 03, 2026 2:43 PM IST PTI Share via Copy link Port Louis , Indian golfer Diksha Dagar played a solid bogey-free 3-under 69 to move into
There was a time when his face felt familiar in living rooms across India, the kind of actor you didn’t always notice immediately, but somehow remembered long after the film ended. Today, the story of Raj Kiran lingers in a very different way… not through his performances
New Delhi: The Enforcement Directorate (ED) has filed a formal complaint against Myntra Designs Pvt. Ltd., its group companies, and their directors for allegedly violating foreign exchange rules. According to the ED's Bengaluru Zonal Office, the company is accused of receiving illegal foreign investments worth ₹1,654.35 crore, breaching provisions under the Foreign Exchange Management Act (FEMA), 1999.
ED Slaps Myntra With FEMA Case Over Rs 1,654 Crore FDI Violation
As per an official statement, the ED began its investigation after receiving credible information that Myntra and its related companies were involved in multi-brand retail trading (MBRT), even though they claimed to be running a wholesale cash-and-carry business.
New Delhi: The Enforcement Directorate (ED) has filed a formal complaint against Myntra Designs Pvt. Ltd., its group companies, and their directors for allegedly violating foreign exchange rules. According to the ED's Bengaluru Zonal Office, the company is accused of receiving illegal foreign investments worth ₹1,654.35 crore, breaching provisions under the Foreign Exchange Management Act (FEMA), 1999.
As per an official statement, the ED began its investigation after receiving credible information that Myntra and its related companies were involved in multi-brand retail trading (MBRT), even though they claimed to be running a wholesale cash-and-carry business.
This setup, the ED said, is in direct violation of India's Foreign Direct Investment (FDI) policy. The ED's investigation revealed that Myntra Designs Private Limited had received foreign direct investment worth over Rs 1,654 crore by declaring that it was involved in wholesale business.
Add Zee News as a Preferred Source
However, the agency found that the company sold most of its goods to another firm -- Vector E-Commerce Private Limited -- which then sold those goods directly to retail customers. What raised concerns, the ED noted, is that both Myntra Designs and Vector E-Commerce belong to the same group of companies.
The structure was allegedly created to bypass FDI rules by disguising direct retail sales as business-to-business (B2B) transactions followed by retail (B2C) sales through Vector. The ED added that Myntra's operations violated the FDI rules introduced in April and October of 2010, which clearly state that only up to 25 per cent of wholesale sales can be made to group companies.
Myntra, however, made 100 per cent of its sales to Vector, which the ED claims is a clear breach of the law. Based on these findings, the ED has filed a complaint under Section 16(3) of FEMA, 1999 before the Adjudicating Authority. The agency alleges that the companies involved have violated Section 6(3)(b) of FEMA and the Consolidated FDI Policy guidelines to the tune of Rs 1,654.35 crore. (With IANS Inputs)
Source: ZeeNews
Related Posts: Rs 4.5 Crore Assets Seized In MP Education Scam By Enforcement Directorate Enforcement Directorate summons Robin Uthappa Enforcement Directorate summons Robin Uthappa Another complaint filed against Tejashwi over ‘objectionable’ post on PM Modi Complaint filed against woman who confronted BJP leader for blocking road during protest 2nd sexual assault complaint filed against suspended Congress MLA Rahul Mankootathil Millie Bobby Brown Filed Complaint Against David Harbour Before Filming Stranger Things 5 Man who filed POCSO complaint against religious leader Avimukteshwaranand attacked Complaint filed against India's 3-year-old chess prodigy Police complaint filed against Tejashwi
Tamil Nadu Election 2026: Like in his films, where he often stays two steps ahead of the villain, Vijay appears to be bringing the same instinct into politics. Though new to the political arena, the “Thalapathy" seems keen to stay ahead of the game.Tamil Nadu Election 2026: Like in his films
3 minutes ago
On April 24, seven AAP Rajya Sabha lawmakers, including Maliwal, officially merged with the BJP Leaving the Aam Aadmi Party was “never the plan” for Swati Maliwal, who asserted that she remained committed to the party since its inception despite recent tensions. However
3 minutes ago
The 2026 World Cup has been a story of high ticket prices, expensive accommodation and train fares way above normal rates. It has been clear for a while that, on cost alone, this tournament is set to be like no other. What if you decided, today
3 minutes ago
Student bodies representing Manipur seek 'lasting political solution' from CentreStudent bodies representing Manipur seek 'lasting political solution' from Centre Published on: May 03, 2026 2:42 PM IST PTI Share via Copy link New Delhi, Several student organisations representing indigenous hill
3 minutes ago
Mumbai-Pune Missing Link Real Estate Boon: The market is moving — and the names are not small. Godrej Properties has already acquired a 90-acre land parcel in Khalapur, Raigad. If you have been sitting on the fence about buying a weekend home near Lonavala or a plot somewhere along the
3 minutes ago
Nine persons, including a toddler, were killed in a fire that broke out in a residential building in east Delhi’s Vivek Vihar on Sunday, The Hindu quoted the Delhi Fire Services as saying. According to a preliminary probe an air-conditioner blast might have triggered the fire
3 minutes ago
“So you made it to the voter list!” exclaimed a middle-aged resident of my locality in Kolkata. He was addressing the man standing next to me in the crowd that had gathered to vote in the polling station in the government school in our neighbourhood. “I thought you were from another country
3 minutes ago
The Mittal Family and Adar Poonawalla are set to acquire a controlling stake in the Rajasthan Royals IPL franchise. The deal values the team at approximately $1.65 billion. This significant acquisition includes ownership of associated teams in South Africa and the Caribbean
3 minutes ago
Quote of the day: “Injustice anywhere is a threat to justice everywhere.” — Martin Luther King Jr. He also said, “We are caught in an inescapable network of mutuality, tied in a single garment of destiny. Whatever affects one directly, affects all indirectly
3 minutes ago
The Kedarnath Dham Yatra has just begun, but troubling reports have already emerged. A 69-year-old devotee reportedly died of a heart attack on the very first day of the pilgrimage. In a separate incident, a 32-year-old man also lost his life to a heart attack at Sonprayag
3 minutes ago
May 03, Birthday Horoscope: Here's what the tarot cards have in store for youIf your birthday falls on May 03, here’s what your year ahead looks like, as per Tarot. Published on: May 03, 2026 11:01 AM IST By Kishori Sud Share via Copy link If you were born on May 3
3 minutes ago
Mrunal Thakur and Adivi Sesh’s Dacoit is reportedly releasing on OTT soon. The release date is locked. The much-awaited action drama has already generated strong curiosity among audiences ever since its announcement. The film hit theatres on April 10, 2026
3 minutes ago
Germany's defence minister has said the US decision to withdraw 5,000 troops from his country was "foreseeable", as the Nato military alliance says it is seeking clarification from Washington. Speaking to the DPA news agency, Boris Pistorius also stressed "the presence of American soldiers in
3 minutes ago
The IPL 2026 season is well underway, yet the venues for the playoffs remain uncertain. The Board of Control for Cricket in India (BCCI) has hinted that a significant announcement regarding this matter will be made shortly. The schedule for the league stage of IPL 2026 was released in two phases
3 minutes ago
New Delhi: , a security and facility management services provider, aims to cross Rs 20,000 crore in revenue by FY27, driven by strong double-digit growth, expansion of its service network, and a simplified regulatory framework under new labour codes, said its Group Managing Director Rituraj Sinha
3 minutes ago
Lorna Hajdini row: Did JPMorgan executive's son react to assault allegations? Fact-checking viral claimLorna Hajdini, a JPMorgan executive, is accused of sexual assault by a former employee, which her lawyer denies. Published on: May 03, 2026 2:08 PM IST By Shweta Kukreti Share via Copy link Lorna
3 minutes ago
Cement cos in Meghalaya imported nearly 3 lakh mt of coal without valid papers: HC-appointed panelCement cos in Meghalaya imported nearly 3 lakh mt of coal without valid papers: HC-appointed panel Published on: May 03, 2026 2:49 PM IST PTI Share via Copy link Shillong
3 minutes ago
While the government has already stepped in by converting some debt into equity—reducing outstanding dues from Rs 87,695 crore to Rs 64,046 crore—experts suggest this is only a temporary fix. New Delhi: Vodafone Idea is standing at a critical point and may need nearly Rs 50
4 minutes ago
Two first information reports have been registered in Punjab against Rajya Sabha MP Sandeep Pathak, days after he left the Aam Aadmi Party and joined the Bharatiya Janata Party’s legislature party in Parliament, The Hindu reported on Saturday
3 minutes ago
Some wins hit differently. And for Marta Kostyuk, this was one of them. The Ukrainian star, currently ranked World No. 23, captured her first-ever WTA 1000 title at the Madrid Open with a straight-sets win over Mirra Andreeva, 6-3, 7-5. Kostyuk broke down in tears after sealing the win
3 minutes ago
Summer brings with it a predictable shift in consumption, coolers, juices, iced teas, and an array of “refreshing" beverages dominate daily routines. But beneath the promise of hydration and health, many of these drinks carry an often-overlooked ingredient: hidden sugar
3 minutes ago
Hindutva ideologue VD Savarkar had filed five mercy petitions with the British colonial administration and referred to the cow not as a god but as a “useful animal”, Live Law on Saturday quoted his grandnephew Satyaki Savarkar as having told a Pune court
3 minutes ago
The 2026 West Bengal election is not throwing up a wave but a statistical deadlock. Across most exit polls, the story isn’t who is winning, but how narrowly the contest is balanced around the majority mark of 148. Seat ranges overlap, leads are fragile, and in several projections
4 minutes ago
Indian Potterheads keep the magic alive for this International Harry Potter DayOn International Harry Potter Day, fans express nostalgia for the series, sharing their collections and personal stories Published on: May 03, 2026 2:32 PM IST By HT Correspondent Share via Copy link Harry Potter fans
4 minutes ago
The Iran war's impact on energy prices is forcing central banks to reassess policy. Robeco anticipates the Fed will cut rates twice this year, while the ECB might hike in June and September if Brent crude stays near $80. Asia faces significant exposure
4 minutes ago
Donald Trump once predicted the US-Israeli war in Iran would last no longer than six weeks. It has now entered its third month. The conflict has caused a global energy shock on a par with the oil crises of the 1970s, driving up prices of everything from fuel to groceries
4 minutes ago
SRH vs KKR Pitch Report: Sunrisers Hyderabad are on a five-match winning streak. They face Kolkata Knight Riders at home. Hyderabad's batting is in strong form with key players scoring heavily. The pitch is expected to favour batsmen. Hyderabad's bowling has also been consistent
4 minutes ago
