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No outstanding dues to sellers, Snapdeal says

Press Trust of India  |  New Delhi 

Refuting charges of non payment, e-commerce major Snapdeal today said it has no outstanding dues towards sellers on its platform.

The statement comes after e-sellers' representative body -- All Online Vendors Association (AIOVA) -- alleged that the city-based online marketplace has not settled dues with many sellers.



Snapdeal said payments to sellers are made 6-10 times a month and typically, sellers receive their payments within 3-5 days of the sale of their goods.

It added that in a few cases, details are awaited from sellers in support of the claims made by them.

"In these cases, sellers have so far failed to provide required justification for their claims despite multiple attempts by Snapdeal to facilitate these settlements," Snapdeal Senior Vice President (Operations) Sanjay Agarwal said.

He added that these are minor amounts, which will get paid based on information provided by sellers and in accordance with the contracts and seller policies.

In recent weeks, Snapdeal claimed it has further expedited the payment cycles for sellers, making payments faster.

Earlier this week, AIOVA had written to corporate affairs ministry and commerce ministry seeking their intervention on the proposed Snapdeal-Flipkart deal.

According to sources, Snapdeal's largest investor SoftBank has been proactively mediating with the board members over the past few weeks for a potential sale to Flipkart and has succeeded in getting their consent.

A non-binding term sheet to undertake due diligence on Snapdeal by Flipkart is expected to be signed soon.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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No outstanding dues to sellers, Snapdeal says

Refuting charges of non payment, e-commerce major Snapdeal today said it has no outstanding dues towards sellers on its platform. The statement comes after e-sellers' representative body -- All India Online Vendors Association (AIOVA) -- alleged that the city-based online marketplace has not settled dues with many sellers. Snapdeal said payments to sellers are made 6-10 times a month and typically, sellers receive their payments within 3-5 days of the sale of their goods. It added that in a few cases, details are awaited from sellers in support of the claims made by them. "In these cases, sellers have so far failed to provide required justification for their claims despite multiple attempts by Snapdeal to facilitate these settlements," Snapdeal Senior Vice President (Finance Operations) Sanjay Agarwal said. He added that these are minor amounts, which will get paid based on information provided by sellers and in accordance with the contracts and seller policies. In recent weeks, ... Refuting charges of non payment, e-commerce major Snapdeal today said it has no outstanding dues towards sellers on its platform.

The statement comes after e-sellers' representative body -- All Online Vendors Association (AIOVA) -- alleged that the city-based online marketplace has not settled dues with many sellers.

Snapdeal said payments to sellers are made 6-10 times a month and typically, sellers receive their payments within 3-5 days of the sale of their goods.

It added that in a few cases, details are awaited from sellers in support of the claims made by them.

"In these cases, sellers have so far failed to provide required justification for their claims despite multiple attempts by Snapdeal to facilitate these settlements," Snapdeal Senior Vice President (Operations) Sanjay Agarwal said.

He added that these are minor amounts, which will get paid based on information provided by sellers and in accordance with the contracts and seller policies.

In recent weeks, Snapdeal claimed it has further expedited the payment cycles for sellers, making payments faster.

Earlier this week, AIOVA had written to corporate affairs ministry and commerce ministry seeking their intervention on the proposed Snapdeal-Flipkart deal.

According to sources, Snapdeal's largest investor SoftBank has been proactively mediating with the board members over the past few weeks for a potential sale to Flipkart and has succeeded in getting their consent.

A non-binding term sheet to undertake due diligence on Snapdeal by Flipkart is expected to be signed soon.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

No outstanding dues to sellers, Snapdeal says

Refuting charges of non payment, e-commerce major Snapdeal today said it has no outstanding dues towards sellers on its platform.

The statement comes after e-sellers' representative body -- All Online Vendors Association (AIOVA) -- alleged that the city-based online marketplace has not settled dues with many sellers.

Snapdeal said payments to sellers are made 6-10 times a month and typically, sellers receive their payments within 3-5 days of the sale of their goods.

It added that in a few cases, details are awaited from sellers in support of the claims made by them.

"In these cases, sellers have so far failed to provide required justification for their claims despite multiple attempts by Snapdeal to facilitate these settlements," Snapdeal Senior Vice President (Operations) Sanjay Agarwal said.

He added that these are minor amounts, which will get paid based on information provided by sellers and in accordance with the contracts and seller policies.

In recent weeks, Snapdeal claimed it has further expedited the payment cycles for sellers, making payments faster.

Earlier this week, AIOVA had written to corporate affairs ministry and commerce ministry seeking their intervention on the proposed Snapdeal-Flipkart deal.

According to sources, Snapdeal's largest investor SoftBank has been proactively mediating with the board members over the past few weeks for a potential sale to Flipkart and has succeeded in getting their consent.

A non-binding term sheet to undertake due diligence on Snapdeal by Flipkart is expected to be signed soon.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22