CCI nod for Walmart-Flipkart deal, traders' body to move court
New Delhi, Aug 8 : Fair trade watchdog Competition Commission of India (CCI) has approved the acquisition of e-commerce major Flipkart by Wal-Mart International Holdings.
However, a traders' body said that it will move the court against the approval.
"@CCI_India approves proposed acquisition of Flipkart Private Limited by Wal-Mart International Holdings, Inc," CCI said in a tweet on its official Twitter handle on Wednesday.
On May 9, global retail giant Walmart Inc announced it was buying 77 per cent equity stake in the country's largest e-tailer Flipkart for $16 billion, subject to regulatory approval in India.
The acquisition of the majority stake makes the $500-billion Walmart the largest shareholder of the Flipkart group and will help accelerate its mission to transform e-commerce through digital technology.
Reacting to the development, the Confederation of All India Traders (CAIT) said that it will move the court against the CCI decision.
"It is most unfortunate that leaving aside the objections raised by CAIT in CCI, the Commission has approved the deal," CAIT Secretary-General Praveen Khandelwal said.
"Without giving any opportunity of hearing to CAIT, the CCI has flayed principle of natural justice. We deeply condemn such an attitude and will certainly move to Higher Court against the decision of CCI."
According to Khandelwal, CAIT has called for an emergency meeting of its governing council on August 19 at Nagpur.
The traders, protesting under CAIT, have denounced the deal arguing that it would create "unfair competition" and demanded that the government scrap it.
On its part, Walmart welcomed the decision and said that it remains committed to contribute to the Indian economy by supporting smallholder farmers, manufacturers, and "our Kirana" customers.
"Our partnership with Flipkart is testament to our continued confidence in our ability to contribute to this market. Flipkart is a prominent player in India with a strong, entrepreneurial leadership team that is a good cultural fit with Walmart," the company said in a statement.
"We believe that the combination of Walmart's global expertise and Flipkart will position us for long-term success and enable us to contribute to the economic growth."
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bihar's 'Munnabhais': CBI registers fresh case in NEET-UG irregularities; 8 booked
New Delhi, Jan 15: The CBI has registered a fresh case in connection with alleged impersonation by four NEET-UG, 2024 candidates in Bihar's Purnea, officials said on Wednesday.
The central probe agency took over the case from Bihar Police on a request from the state government.
The principal of SRDAV public school, one of the centres for the prestigious medical entrance examination held on May 5 last year, has alleged that the candidates' biometrics showed four impersonators were taking the exam rather than genuine candidates, according to an FIR registered in the matter.
According to the FIR, one Nitish Kumar of Bhojpur appeared for Ashish Kumar of Mujaffarpur, Kamlesh Kumar of Jalore (Rajasthan) appeared for Dheeraj Prakash of Siwan, Saurabh Kumar of Begusarai appeared for Tathaghat Kumar of Sitamarhi and Mayank Chaudhary of Sitamarhi appeared for Deepak Kumar Singh of Muzaffarpur.
The CBI has booked all eight for alleged impersonation, cheating and forgery among others.
The National Eligibility cum Entrance Test (NEET-UG) is conducted by the National Testing Agency (NTA) for admissions to MBBS, BDS, AYUSH and other medical courses in government and private institutions.
The exam was conducted on May 5, 2024 at 4,750 centres in 571 cities, including 14 abroad. More than 23 lakh candidates appeared for the test.
The Bihar Police launched a crackdown after getting inputs of an alleged leak of the paper and it soon snowballed into a major political issue.
The Union education ministry handed over the probe to the CBI, which had registered several FIRs in the case, taking over probes from different states including Bihar.
The agency had registered first FIR into the case on June 23 last year.
