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Traders' body to move court against CCI nod to Walmart-Flipkart deal

Press Trust of India  |  New Delhi 

Traders' body CAIT today described as 'most unfortunate' the of India's move to clear the Walmart-deal and said it will approach the court against the decision.

The today said it has approved US Walmart's proposed acquisition of

"It is most unfortunate that leaving aside the objections raised by CAIT in , the Commission has approved the deal. Without giving any opportunity of hearing to CAIT, the has flayed principle of natural justice.

"We deeply condemn such an attitude and will certainly move the court against the decision of CAIT has called an emergency meeting of its governing council on August 19 at to take stock of the situation and finalise strategy for a nationwide movement," told

The Confederation of All Traders (CAIT) has been demanding the government to scrap the deal and constitute a regulatory authority to regulate and monitor the country's market.

The trader's body had said it apprehends that the deal is bound to circumvent established laws and FDI policy of the government.

In May, Inc announced acquisition of 77 per cent stake of in its biggest takeover till date.

The deal values the 11-year old Indian firm at USD 20.8 billion.

"@CCI_India approves proposed acquisition of by Holdings, Inc," the regulator said in a tweet.

Deals beyond a certain threshold are required to get clearance from the of (CCI).

The regulator keeps a tab on unfair business practices in the market place.

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

First Published: Wed, August 08 2018. 21:10 IST
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