Walmart-Flipkart deal: Big hurdle! 10 lakh traders to protest Monday

By: |
New Delhi | Published: July 1, 2018 2:33:00 PM

Nearly 10 lakh traders will protest at about 1,000 places across the country tomorrow against US retail giant Walmart's proposed acquisition of 77 per cent stake in home-grown retailer Flipkart in a USD 16-billion deal, traders' body CAIT has said.

walmart india, walmart flipkart, flipkart walmart, flipkart walmart deal, flipkart walmart mergerCAIT has already filed our objections in Competition Commission of India and if need arises it shall challenge the deal in the court of law.

Nearly 10 lakh traders will protest at about 1,000 places across the country tomorrow against US retail giant Walmart’s proposed acquisition of 77 per cent stake in home-grown retailer Flipkart in a USD 16-billion deal, traders’ body CAIT has said.

Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal 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 all kinds of malpractices including predatory pricing, deep discounting and loss funding”.

Khandelwal 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. He said CAIT has already filed our objections in Competition Commission of India and if need arises it shall challenge the deal in the court of law.

“However, we expect government to intervene and take suitable action in accordance with various announcements of Prime Minister Narendra Modi to uplift small businesses in the country. This deal will directly affect small traders of the country who will not be able to compete with Walmart,” Khandelwal said.

The commerce and industry ministry notifies FDI policies through press notes. Press Note 3, which was released in 2016, enlists guidelines for foreign direct investment in 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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Banks Board Bureau recommends MDs from SBI for appointment as CEOs in other PSBs
2Tata Steel clinches JV with Thyssenkrupp, to be Europe’s number 2 steelmaker
3DBS Bank branding through web series