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."
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West Bengal Class 12 results declared; overall pass percentage 91.23%
Kolkata (PTI): The West Bengal Council of Higher Secondary Education on Thursday announced the results of its Class 12 examination, which recorded an overall pass percentage of 91.23 per cent.
The results included those of the candidates from the fourth semester under the new system, supplementary candidates of the third semester, and students appearing under the old annual examination pattern.
While the pass percentage among girls stood at 92.47 per cent, boys recorded a pass percentage of 89.71 per cent.
As many as 64 candidates -- including 56 boys and eight girls -- featured in the top 10 list. Adrito Pal of Narendrapur Ramakrishna Mission Vidyalaya secured the first rank in the state by scoring 496 out of 500 marks.
Jishnu Kundu of Ramakrishna Mission Vidyapith Purulia and Ritobrata Nath of Narendrapur Ramakrishna Mission Vidyalaya secured the second rank with 495 marks each.
Candidates dissatisfied with their fourth-semester results would be allowed to reappear in the examination next year after surrendering the current year's result.
According to official data, a total of 7,10,811 candidates appeared for the higher secondary examination this year.
Of them, 6,35,864 students appeared in the final semester examination under the new system, 59,452 candidates took the supplementary examination for the second semester, and 15,495 students appeared under the old annual examination pattern.
Chief Minister Suvendu Adhikari congratulated all students who have passed the higher secondary examination in a post on X.
"Your hard work, perseverance, and self-confidence have taken the form of success. May the success inspire you to dream even bigger on the path ahead. I wish that your future be bright, that you get success in every field and that you bring glory to your family, society, and state," he wrote on social media.
