Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

CAIT to Launch Stir Against Walmart-Flipkart Deal

CAIT demanded that the government scrap the deal and immediately formulate a policy on e-commerce as well as constitute a regulatory authority to monitor the sector.

PTI

Updated:July 29, 2018, 7:24 PM IST
facebookTwitterskypewhatsapp
Walmart, Microsoft in Partnership to Use Cloud Tech (File photo: Reuters)
(File photo: Reuters)
Loading...

New Delhi: Traders' body CAIT on Sunday announced its plans to launch a nationwide stir against the USD 16 billion Walmart-Flipkart deal and said demonstrations will be held at the offices of the ED and RBI.

"Since the Union Commerce Minister while addressing the traders at the Convention informed that complaint against the deal (between Walmart and Flipkart) and e-commerce companies have been sent to ED and RBI, the CAIT has decided to organise countrywide demonstrations at the offices of ED and RBI demanding expeditious enquiry in to the complaints," the Confederation of All India Traders (CAIT) said in a statement.

Earlier this week, addressing members of CAIT here, Commerce Minister Suresh Prabhu said the ministry has asked the Enforcement Directorate (ED) to look into the complaints related to alleged violation of foreign direct investment norms by some e-commerce players.

CAIT further said it had earlier urged the Competition Commission of India to not pass any order without hearing the submission of the traders' body, which has already filed its objections before CCI.

CAIT Secretary General Praveen Khandelwal said he will raise this serious issue at the meeting of the think-tank on e-commerce policy scheduled to be held tomorrow at the national capital.

CAIT demanded that the government scrap the deal and immediately formulate a policy on e-commerce as well as constitute a regulatory authority to monitor the sector.

"If this issue is not addressed immediately, the traders of the country will be compelled to launch a nationwide movement against the deal and the e-commerce companies which are indulging in predatory pricing, deep discounting, loss funding and other malpractices," it added.

Earlier, US-based retail major Walmart Inc announced acquisition of 77 per cent stake in Flipkart in its biggest takeover till date.

The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,212.50 -1.07
BPCL 381.00 -6.74
Yes Bank 67.55 -1.46
Maruti Suzuki 6,404.90 -0.70
HDFC 2,046.45 -1.79
Company Price Change %Gain
Kotak Mahindra 1,481.00 -0.17
HDFC Bank 2,250.05 -0.27
Biocon 230.90 -0.71
HDFC 2,046.25 -1.89
Yes Bank 67.60 -1.46
Top Gainers
Company Price Change %Gain
Titan Company 1,145.00 1.92
Sun Pharma 428.20 1.27
GAIL 130.70 1.12
Tech Mahindra 715.00 0.78
HUL 1,817.00 0.63
Company Price Change %Gain
Sun Pharma 428.45 1.23
HUL 1,816.85 0.67
ONGC 129.25 0.35
ICICI Bank 413.20 -0.01
Top Losers
Company Price Change %Gain
BPCL 381.05 -6.73
M&M 538.90 -2.24
IOC 127.40 -2.08
SBI 285.65 -2.07
Asian Paints 1,518.20 -1.94
Company Price Change %Gain
M&M 539.25 -2.15
SBI 285.80 -2.02
Asian Paints 1,518.60 -1.90
IndusInd Bank 1,373.80 -1.77
HDFC 2,046.25 -1.89

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results