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1-min read

Walmart-Flipkart Deal: Traders to Launch 90-day Protest From September 15

Traders' body 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.

PTI

Updated:September 5, 2018, 6:59 PM IST
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Walmart-Flipkart Deal: Traders to Launch 90-day Protest From September 15
In case of Walmart-Flipkart deal, the withholding tax pertains to the capital gains made by the shareholders of Flipkart. (Network18 creative)
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Mumbai: 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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