Walmart-Flipkart deal: Traders to launch 90-day protest from September 15

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Mumbai | Published: September 5, 2018 5:11:36 PM

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

walmart flipkart deal, walmart flipkart merger, walmart flipkart news, flipkart walmart deal, traders protest in delhiCAIT is opposed to US retail giant Walmart’s proposed acquisition of 77 per cent stake in homegrown retailer Flipkart in a USD 16-billion deal.

Traders’ body CAIT Wednesday said it will launch a 90-day nationwide agitation against the USD 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 USD 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.

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