Traders to shut shops on Sep 28 against Walmart-Flipkart deal
BY - Vaishnavi Gupta
Assistant Editor, IndianRetailer.com & Retailer Magazine Aug 21, 2018 / 2 MIN READ
Assistant Editor, IndianRetailer.com & Retailer Magazine Aug 21, 2018 / 2 MIN READ
Traders' body CAIT today said it has called a Bharat Bandh on September 28 to oppose US retail major Walmart's acquisition of Flipkart. CAIT Secretary General Praveen Khandelwal said the deal has "violated Press Note No 3 of 2016 of Government and is a combination with a sinister design to control and dominate the retail trade through the passage of e-commerce".
He claimed that it will create an uneven level playing field and will wipe out the competition due to their business module, which entails predatory pricing, deep discounting and loss funding. In a statement, the Confederation of All India Traders (CAIT) also said it will launch a nation-wide Rath Yatra on September 15 against the deal.
The traders' body will also hold a mega rally here on December 16 to protest "discriminatory treatment against traders". The decisions were taken yesterday at the annual general meeting of CAIT held at Nagpur which was attended by over 200 prominent trade leaders across the country.
(Source:PTI)
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It said that the bill should also adequately address the long-standing problem of misleading and celebrity-driven endorsements, whereby celebrities should be held responsible for the products they endorse.
CAIT said that the e-commerce market in India due to ill-designed business practices adopted by various leading e-commerce players with a single motto of controlling and dominating retail trade.
In its complaint with ED, CAIT said that Flipkart in the guise of operating under a marketplace model is actively engaged in the inventory-based model of e-commerce.
Through this deal, Aditya Birla Fashion and Retail looks to raise Rs 1,500 crore by issuing a 7.8% stake to Walmart-owned Flipkart Group.
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