The National Company Law Appellate Tribunal (NCLAT) has reserved its judgment over the petition filed by traders’ body CAIT against fair trade regulator CCI’s nod to Walmart’s USD 16-billion acquisition of Flipkart.
A two-member bench of the appellate tribunal headed by Justice S J Mukhopadhaya concluded its hearing on Thursday after taking note of submissions made by both sides.
“Hearing concluded. Judgment Reserved,” said the NCLAT.
On August 18, Walmart had informed that it has completed the deal with Flipkart and holds 77 percent stake in the Indian e-commerce major.
Earlier on September 6, the NCLAT, which is also an appellate authority over the Competition Commission of India (CCI), had asked Wal-Mart International Holdings Inc to file a reply before it explaining the way of doing business in India.―Money Control