rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Walmart-Flipkart deal: All-India trade bandh on Sep 28

Walmart-Flipkart deal: All-India trade bandh on Sep 28

September 05, 2018 18:22 IST

CAIT had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.

Illustration: Dominic Xavier/Rediff.com

Traders' body CAIT on Wednesday said it will launch a 90-day nationwide agitation against the $16-billion Walmart-Flipkart deal from September 15, starting from the national capital.

The association has also called for a 'Bharat Trade Bandh' on September 28.

 

"We are intensifying our opposition to the Walmart-Flipkart deal and foreign direct investment (FDI) in retail.

“We have called for a 'Bharat Trade Bandh' on 28th of this month on this issue and are launching a 90-day nationwide agitation from September 15, from Delhi," the Confederation of All India Traders (CAIT) said in a release.

CAIT is opposed to US retail giant Walmart's proposed acquisition of 77 per cent stake in homegrown retailer Flipkart in a $16-billion deal.

It had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.

Earlier, CAIT secretary general Praveen Khandelwal had alleged that the e-commerce market place has been vitiated to a great extent in past years by several leading e-commerce companies by indulging into malpractices including predatory pricing, deep discounting and loss funding.

Khandelwal had claimed that at a time when there is no policy for e-commerce, it would be a cake walk for Walmart to circumvent the FDI policy Press Note No 3 of 2016.

The commerce and industry ministry notifies FDI policies through press notes. Press Note 3, which was released in 2016, enlists guidelines for FDI in the e-commerce sector.

It also articulated that no discounting is allowed and that no inventory ownership directly or indirectly is allowed by e-commerce marketplaces.

© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.