Business

Walmart-Flipkart deal: NCLAT adjourns hear over CCI's approval for December 14

The National Company Law Appellate Tribunal on Monday adjourned its hearing on the petition filed by traders' body CAIT against fair trade regulator CCI's approval for Walmart's USD 16 billion acquisition of Flipkart. The matter has been listed on December 14 for next hearing bearing on December 14 before the two-member bench.
Earlier on October 5 also, the matter was adjourned for November 12 for next hearing by the appellate tribunal. On September 6, the NCLAT, which is also an appellate authority over the Competition Commission of India (CCI), had asked Wal-Mart International Holdings Inc to file a reply before it explaining way of doing business in India.
CAIT, which has filed an appeal before the NCLAT challenging the CCI approval for Flipkart's acquisition by Walmart, was also asked to file its understanding over the Walmart's business model in India.
In its reply filed before the appellate tribunal, CAIT has alleged that Walmart has been found "guilty of predatory behaviour" in countries like Germany, Mexico and South Africa and "may repeat such behaviour in India" through its acquisition of online major Flipkart.
It has also submitted that the US retail major "may cause an appreciable adverse effect on competition" in the domestic market post combination as its "predatory tendencies" would be on a much larger scale . 
Walmart International Holdings Inc, however, in a separate reply has said its business model and activities in India were different of Flipkart's. Moreover, on account of FDI restrictions, Walmart India can not engage in selling directly to consumers.
Even in business segments where there is an overlap with Flipkart, Walmart said the "combined market share of Flipkart and Walmart in the market of B2B sales are less than five per cent and the incremental change in the market shares as a result of this transaction is less than 0.5 per cent".
On August 18 Walmart had informed that it has completed deal with Flipkart and holds 77 per cent stake in the Indian e-commerce major.

Rupee falls 59 paise to 71.40 amid strengthening US dollar

The rupee depreciated 59 paise to 71.40 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening US dollar aga...

Direct tax collections surge 15.7 per cent to Rs 6.75 lakh cr in April-November

Gross direct tax collections surged 15.7 per cent to Rs 6.75 lakh crore for April-November, the finance ministry said Monday. Refunds worth Rs 1.23 la...

Sensex tumbles 714 points as exit polls show Congress-BJP neck-and-neck in state elections

Market benchmark Sensex buckled under heavy selling pressure Monday, plummeting 714 points as investors panicked over exit polls suggesting the Congre...

Non-Maintenance Of Minimum Balance: Penalty Charges By Top Banks

Banks have mandated regular saving bank account users to maintain a certain average monthly balance  in their accounts, failing which they have t...