The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a petition filed by traders' body CAIT against CCI nod to Walmart's $16-billion acquisition of Flipkart
Binny Bansal sells Flipkart shares worth over $14 million to Tiger Global; Tiger Fund increases stake in e-tailer
In June this year, Bansal is said to have sold a small portion of his shares to FIT Holdings SARL, Walmart’s Luxembourg entity, for about $76.4 million
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
US retailer Walmart purchased 77 percent stake in Flipkart for about $16 billion (around Rs 1.05 lakh crore) in May.
Now, the matter has been listed on 14 December for the next hearing before a two-member bench of the National Company Law Appellate Tribunal (NCLAT)
The NCLAT on Friday adjourned its hearing over the petition filed by traders' body CAIT against fair trade regulator CCI's approval of Walmart's $16 billion acquisition of Flipkart.
After Walmart deposited Rs 7,439 crore tax, the income tax department asked Walmart to explain the rationale followed while deducting or not deducting taxes from Flipkart shareholders.
Walmart paid Rs 7,439 cr tax on Flipkart deal; did not deduct taxes from 34 shareholders, say officials
In case of the Walmart-Flipkart deal, the withholding tax pertains to the capital gains made by the shareholders of Flipkart.
Walmart completed the acquisition of 77 percent stake in Flipkart on 18 August, in one of the biggest US foreign investment.
Walmart-Flipkart deal: Income Tax Department asks US retail giant to pay tax arising out of acquisition by 7 September
Following the CCI nod to the Walmart-Flipkart deal, the I-T department expects Walmart to approach it under Section 197 of the Income Tax Act.
In the petition, CAIT said it has mentioned that CCI has in its order ignored the predatory activities carried out by both Flipkart and Walmart in the past.
In its detailed order clearing the deal, the CCI has said the deal is "not likely" to have an appreciable adverse effect on competition in India.
Walmart-Flipkart deal: US retailer could approach I-T Department to determine tax liability on $16 billion buyout
Following CCI's nod to the Walmart-Flipkart deal, the I-T department expects Walmart to approach it under Section 197 of the Income Tax Act within a fortnight.
Walmart-Flipkart deal: Traders' body CAIT to move court against Competition Commission of India's nod to the pact
The CAIT has been demanding the government to scrap the deal and constitute a regulatory authority to monitor the country's e-commerce market.
Draft e-commerce policy: Amazon, Walmart wary about appointment of regulator; feel blueprint tilted towards domestic cos
Industry feels that the e-commerce industry could go back to the days of the infamous 'Licence Raj'.
Walmart-Flipkart deal: Traders' lobby plans nationwide stir against acquisition, to demonstrate outside RBI, ED offices
CAIT said it had earlier urged the Competition Commission of India to not pass any order without hearing the submission of the traders' body
Walmart-Flipkart deal: Traders' body CAIT says it will approach Supreme Court if govt allows acquisition
Traders are extremely unhappy over the Walmart-Flipkart deal. This deal is definitely going to hurt them a lot, says CAIT
Walmart-Flipkart deal: US retail giant tells I-T department it will fulfil all tax obligations on proposed $16 billion buyout
In May, the I-T department had written to Walmart, saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act
The Confederation of All India Traders (CAIT) had hoped to gather one million protesters at various cities in the country to voice opposition to the deal, but the numbers were far fewer
Flipkart deal in line with govt's FDI policy; acquisition to boost manufacturing, provide skilled jobs: Walmart
The Confederation of All India Traders (CAIT), a body of traders, on Monday, organised mass protests in different parts of the country against the Walmart-Flipkart deal.