New Delhi: Walmart has filed a caveat in multiple high courts across the country to pre-empt trade organisations Confederation of All India Traders and Swadeshi Jagran Manch from obtaining any interim order against the US retailer’s $16-billion acquisition of ecommerce marketplace Flipkart, without it getting a chance to present its side.A caveat is an application filed in anticipation asking the court to give the caveator, in this case Walmart, a fair hearing before passing an interim order until the notifier is given a hearing.Both Confederation of All India Traders (CAIT) and Swadeshi Jagaran Manch (SJM) have threatened to go to court to oppose the Flipkart-Walmart deal.Walmart's caveat has been filed by law firm Shardul Amarchand Mangaldas & Co in high courts of Delhi, Bombay, Bangalore and Ahmedabad. A caveat has also been separately filed against CAIT’s research wing, CAIT Research & Trade Development Society (CRTDS).65538002 “Pray that no order be passed without due notice against the proposed respondent/caveator above named in any writ petition or application for adinterim or interim stay/relief as may be filed in this Hon’ble High Court of Judicature at Bombay wherein the proposed petitioner/caveatee herein may be the petitioner and the proposed respondent/caveator may be the respondent therein,” said the caveat filed against CAIT in the Bombay High Court.The other caveats have similar prayers.Walmart didn’t respond to ET’s request for comment until press time Friday.In May, Walmart announced acquisition of 77% stake of Flipkart in its biggest takeover till date and the largest acquisition so far in ecommerce space. The deal values the 11-year old Indian ecommerce firm at $20.8 billion.The buyout was cleared by Competition Commission of India (CCI) on August 9.Trade bodies such as CAIT, SJM and the All India Online Vendors Association (AIOVA) said the deal is bound to circumvent established laws and foreign direct investment (FDI) policy of the government and hurt small trader. Describing the development as “most unfortunate”, CAIT had said it will approach the court against CCI’s decision.CAIT also plans to launch a nationwide stir against FDI in retail and Walmart in particular. “We will start a Rath Yatra which will cover 28 states, over 20,000 kms with participation from traders throughout the country to oppose FDI in retail and Walmart in particular,” CAIT secretary general Praveen Khandelwal said.The protest will be backed by aggressive mass media campaign — including radio advertising - coupled with campaigns on social media platforms such as Facebook, Twitter and WhatsApp, to intensify the effect of the Rath Yatra. The traders’ association has also roped in popular music composer brother duo from Bollywood — Salim Merchant and Sulaiman Merchant — to write an anthem for the campaign.
from The Economic Times https://ift.tt/2P4kAx5
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment