Traders' body CAIT plans to approach the court against the Competition Commission of India's (CCI) move to clear the Walmart-Flipkart deal. The Confederation of All India Traders (CAIT) has been demanding the government to scrap the deal and constitute a regulatory authority to regulate and monitor the country's e-commerce market.
The trader's body apprehends that the deal is bound to circumvent established laws and FDI policy of the government. In May, Walmart announced acquisition of 77 per cent stake of Flipkart in its biggest takeover till date. The deal values the 11-year old Indian e-commerce firm at $20.8 billion.
The acquisition of majority stake makes the $500-billion Walmart the largest shareholder of the Flipkart group and will help accelerate its mission to transform e-commerce through digital technology.
