1 million traders will protest across the country today against US retail giant Walmart’s proposed acquisition of 77 per cent stake in home-grown retailer Flipkart in a $ 16-billion deal, traders’ body CAIT has said.
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal alleged that the e-commerce marketplace has been vitiated to a great extent in past years by several leading e-commerce companies by indulging into all kinds of malpractices including predatory pricing, deep discounting and loss funding.
He said CAIT has already filed our objections in Competition Commission of India and if the need arises it shall challenge the deal in the court of law.
The traders’ body has challenged the deal in the Competition Commission of India – an authority which is yet to approve the Walmart-Flipkart merger. Before approaching to CCI, the CAIT wrote two letters to Commerce Minister Suresh Prabhu. In one of the letters, it said: “Walmart is nothing but a US version of The East India Company which conquered the country.”
The body has also accused the US retail giant of having hidden agenda and said that the deal will “offend FDI policy once it is implemented and will create an uneven level playing field beside accomplishing hidden agenda of Walmart to reach out to offline trade through e-commerce way.”
It further demanded that a national policy for e-commerce be framed at the earliest and a regulatory authority be constituted to regulate the online retail business in India. “…and till such time, the deal should be put in abeyance by the Government and a close scrutiny should be held in the entire deal,” it had said.