Walmart-Flipkart Deal: Traders to Launch 90-Day Protest From September 15

Share on Facebook Tweet Snapchat Share Reddit Comment
Walmart-Flipkart Deal: Traders to Launch 90-Day Protest From September 15

Traders' body CAIT Wednesday said it will launch a 90-day nationwide agitation against the $16 billion (roughly Rs. 1.1 lakh crores) 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) inretail. 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 percent 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 marketplace 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.

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: CAIT, Walmart, Flipkart
Nubia Z18 With Waterdrop-Shaped Display Notch, Dual Cameras Launched

Related Stories

 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2020. All rights reserved.
Listen to the latest songs, only on JioSaavn.com