Update: Our sources within Flipkart say that no such raid has taken place. We've written to Flipkart for an official statement. Update: The Enforcement Directorate had raided Flipkart offices on November 30, to investigate alleged violation of FDI regulations, reports Businessworld. Citing an an independent source who confirmed the raid, the report states that the Enforcement Directorate had confiscated several important documents and computer hard drives and submitted it to the cyber forensic department for investigation. In a statement to the publication, Flipkart has however stated that it is co-operating with the authorities and doesn't comment on the specific developments. The company also reiterated that it is in complete compliance with the laws of the land. The report also mentions that Flipkart had changed its management and company holding structure in September 2012. It had appointed two new directors - Sujeet Kumar, who is currently serving as the president of operations, Flipkart, and Rajiv Kuchhal, who was previously the Chief Operating Office at OnMobile, while Bal Krishna Bansal, Director of WS Retail (which operates Flipkart.com) and paternal uncle of the founder Sachin Bansal had resigned from the board. On a related note, MediaNama along Arkay & Arkay had recently released a free paper explaining the structuring of investments eCommerce businesses in India and a simplified overview of the government rules that cover FDI in multi brand retail and eCommerce, in order to educate entrepreneurs and investors about the many different structures that are being used by Indian E-commerce businesses to raise investment. Read - Structuring Of Investments In eCommerce Businesses In…
