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

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

Press Trust of India January 25, 2019 18:17:25 IST
NCLAT reserves order on plea against Competition Commission's nod to Walmart-Flipkart deal
  • 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

  • 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

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.

NCLAT reserves order on plea against Competition Commissions nod to WalmartFlipkart deal

Walmart CEO Doug McMillan and Flipkart co-founder Binny Bansal. Courtesy: Flipkart.

"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.

 

 

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