Traders launch 90-day long Rath Yatra to op­pose Wal­mart-Flip­kart deal

Apparel Online - - Domestic Update -

The Con­fed­er­a­tion of All In­dia Traders (CAIT) have started their 90-day long ‘Rath Yatra’ to op­pose the Wal­mart’s ac­qui­si­tion of Flip­kart in a record US $ 16 bil­lion deal, which was given the nod by the Com­pe­ti­tion Com­mis­sion of In­dia (CCI) last month. The cam­paign named ‘Sam­poorn Kranti Rath Yatra’ kicked off at the Red Fort, in New Delhi, and will con­clude later this year, af­ter cov­er­ing most parts of the na­tion. In a state­ment is­sued, the CAIT said, “The yatra af­ter com­plet­ing its jour­ney across the coun­try will cul­mi­nate in a ‘Mass Rally’ on De­cem­ber 16 at Ramlila Grounds, New Delhi.” No­tably, later this month, CAIT has also called for a Bharat Trade Bandh to op­pose Wal­mart-Flip­kart deal and For­eign Di­rect In­vest­ment in re­tail trade. Re­cently, In­dia’s traders’ body went to Na­tional Com­pany Law Ap­pel­late Tri­bunal (NCLAT) to reg­is­ter their plea against CCI’s ap­proval of Wal­mart’s takeover of In­dian e-com­merce firm, which led to NCLAT is­su­ing a no­tice to the US-based re­tail­ing gi­ant to elab­o­rate its busi­ness plans. The US $ 16 bil­lion record deal gave Wal­mart a 77 per cent stake in Flip­kart with the re­main­ing shares in the busi­ness still be­ing held by the e-com­merce com­pany’s co­founder Binny Bansal, Mi­crosoft Cor­po­ra­tion, Ten­cent and Tiger Global. It is im­por­tant to add here that NCLAT’s dead­line that was given to Wal­mart to elu­ci­date its busi­ness model in the coun­try ends this week and the Amer­i­can re­tailer is yet to sub­mit its re­sponse.

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