NCLAT reserves order on plea against Competition Commission's nod to Walmart-Flipkart deal

New Delhi: The National Company Law Appellate Tribunal (NCLAT) has reserved its judgement over the petition filed by traders’ body CAIT against fair trade regulator CCI’s nod to Walmart’s $16-billion acquisition of Flipkart. A two-member bench of the appellate tribunal headed by Justice S J Mukhopadhaya concluded its hearing on Thursday after taking note of submissions made by both sides. [caption id=“attachment_4463119” align=“alignleft” width=“380”] Walmart CEO Doug McMillan and Flipkart co-founder Binny Bansal. Courtesy: Flipkart.[/caption] “Hearing concluded. Judgment Reserved,” said the NCLAT. However, the bench said: “It will be open to the parties to file a short written submission, not more than three pages, by 29 January, 2019.” In August 2018, CAIT had filed a petition in the NCLAT, which is also an appellate authority over the Competition Commission of India (CCI), asking for the reversal of the Walmart-Flipkart deal. On 18 August, Walmart had informed that it has completed a deal with Flipkart and holds 77 percent stake in the Indian e-commerce major. Earlier on 6 September, the NCLAT, which is also an appellate authority over the Competition Commission of India (CCI), had asked Wal-Mart International Holdings Inc to file a reply before it explaining way of doing business in India. CAIT was also asked to file its understanding over Walmart’s business model in India.     To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.