The National Company Law Appellate Tribunal (NCLAT) has issued a notice on Walmart, asking it to submit details of its merger with Flipkart and explain the way they want to do business in India. The appellate tribunal was hearing a case filed by the Confederation of All India Traders against the Competition Commission of India's (CCI's) order.
The CCI had in August cleared the $16-billion deal — Walmart has 77 per cent stake in Flipkart — saying it won't affect competition in India and not create a monopoly. Walmart has a 77 per cent stake in Flipkart. The case will be heard on October 5 once Walmart submits its reply before the tribunal.