: CAIT welcomes NCLAT's step to probe business practices of Flipkart #FinanceIndia #StockMarketNEWS CAIT welcomes NCLAT's step to probe business practices of Flipkart New Delhi, Mar 4 (KNN) The Confederation

@StockMarketNEWS Thu 12 Mar, 2020

Posted in: #FinanceIndia #StockMarketNEWS

CAIT welcomes NCLAT's step to probe business practices of Flipkart #FinanceIndia #StockMarketNEWS
CAIT welcomes NCLAT's step to probe business practices of Flipkart New Delhi, Mar 4 (KNN) The Confederation of All India Traders (CAIT) has welcomed the order of The National Company Law Appellate Tribunal (NCLAT) made on Wednesday directing the DG, Competition Commission of India (CCI) to carry investigation into business practices of Flipkart.

“The NCLAT order is a big shot in the arm of CAIT which is spearheading a legal fight and other agitation against Amazon and Flipkart. This order is certainly going to impact the stay granted by Karnataka High Court against investigation into Amazon and Flipkart. Our lawyers will examine the implications of the order and then we will decide our future course of legal action,'' said Praveen Khandelwal, Secretary General of CAIT.

Khandelwal said that both Amazon and Flipkart relied too much on this case in their petition in Karnataka High Court and since NCLAT has now given the order, things would likely come to a change in Karnataka High Court

NCLAT on Wednesday, set aside the order passed by CCI and directed the Director General to investigate the business practice of Flipkart in an appeal filed by AIOVA. The DG has to commence its investigation into the business practices of Flipkart. This is in addition to the CCI order in Delhi Vyapar Mahasangh case, wherein, CCI had directed to investigate the business practice of Flipkart and Amazon.

''Although the DVM case is presently stayed by Karnataka High Court we are taking necessary legal steps with a prayer to ensure CCI investigation is carried out into the deep discounting and loss funding practice of amazon and flipkart. We whole heartedly support AiOVA in this endeavour,'' Khandelwal added.

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