Walmart-Flipkart Deal: NCLAT Reserves Order On Plea Filed By Traders’ Body
Confederation of All India Traders had filed a petition against CCI’s nod to Walmart’s $16-billion acquisition of Flipkart.
The National Company Law Appellate Tribunal has reserved its judgement over the petition filed by traders' body The Confederation of All India Traders against fair trade regulator Competition Commission of India’s nod to Walmart's $16-billion acquisition of Flipkart.
A two-member bench of the appellate tribunal headed by Justice SJ Mukhopadhaya concluded its hearing on Thursday after taking note of submissions made by both sides.
"Hearing concluded. Judgment Reserved," said the NCLAT.
However, the bench said: "It will be open to the parties to file short written submission, not more than three pages, by Jan. 29, 2019.”
In August 2018, CAIT had filed a petition in the NCLAT, which is also an appellate authority over the CCI, asking for the reversal of the Walmart-Flipkart deal.
On Aug. 18, Walmart had informed that it has completed deal with Flipkart and holds 77 per cent stake in the Indian e-commerce major.
Earlier on Sep. 6, the NCLAT had asked WalMart International Holdings Inc. to file a reply before it explaining the way of doing business in India.
CAIT was also asked to file its understanding over the Walmart's business model in India.