New Delhi: The Confederation of All India Traders (CAIT) has asked the Enforcement Directorate to immediately punish Amazon for the brazen violations of FEMA Act, Rules and Regulations by imposing maximum penalty (Punish Amazon)of 3 times the value of the illegal investments of Rs 48,500 crore – a penalty of Rs 1.44 lakh crore.
CAIT said the nail in the coffin is the award of the Singapore arbitrator restraining FRL from proceeding with its scheme of arrangement – a confirmation that Amazon had control rights to prevent FRL from reorganizing itself.
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