26
Thursday
May 2022
9:47 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
CAIT files petition to block Amazon-Cloudtail deal
 
New Delhi, American e-commerce giant Amazon's trouble does not seem to be ending anytime soon. Delhi-based Confederation of All India Traders (CAIT) on Friday said it has filed a petition before the Competition Commission of India (CCI) seeking to block Amazon's deal to acquire 100 per cent stake in Cloudtail.

The traders' grouping said that it has in its petition provided instances of Amazon giving preference to Cloudtail and noted that such preference will only become more pronounced after this transaction.

It has claimed that the proposed deal once through would have a destabilizing effect on the e-commerce market of India.

"The petition provides evidence to show Cloudtail charges less fees/commission and is a preferential seller on the platform, and with a 100 per cent acquisition of Cloudtail, a preferred seller and the marketplace at its e-commerce portal, Amazon will cause an adverse effect on the market," CAIT said.

"A marketplace like Amazon, which is supposed to be fair and neutral and as per rules have to be purely a technology providing forum for conducting e-commerce activities by the sellers who are registered with its portal, continues to unabashedly distort the entire ecosystem. This transaction is not only in violation of competition law but is also a violation of FDI norms too," the traders' body further said.

Amazon is locked in tussle with Future Retail over the latter's deal with Reliance Retail claiming that the deal was a violation of pacts it had signed with Future.

Last month, CCI had suspended the Amazon-FCPL deal saying that American retailer had suppressed information while seeking the nod for the same.


Mcap of eight of top-10 firms tumbles over Rs 2.48 lakh cr; Reliance biggest drag
Sensex plunges nearly 483 pts on sell-off in IT, banking stocks
MSME policy, access to global market on agenda of key meeting called by govt
Petrol, diesel prices hiked by 80 paise; rates up by Rs 8 in less than two weeks
Rupee rises 4 paise to end at 76.35 against US dollar
EPFO cuts interest rates to 4 decades low of 8.1 per cent
Axis Bank commits USD 150 mn loan to healthcare sector
New policy to cut green hydrogen cost by 40-50 pc: IOC
Saudi Arabia gives 4% of Aramco to investment fund
SBI expects to recover Rs 8,000 cr from written-off accounts in FY22
Govt contained retail inflation at 6.2 pc despite biggest contraction in economy: Sitharaman
Reliance to buy stake in EV technology firm Altigreen
Sensex climbs over 400 points post RBI policy outcome; Nifty crosses 17,580 points
JK Paper shares jump over 4 pc after earnings announcement
Universal Robots reports record annual revenue of over $300m
Passenger vehicle retail sales 10 pc in Jan as chip shortage continues: FADA
InterGlobe Aviation shares rally over 9 pc on Q3 profit
SBI lines up 6 NPA accounts for sale to ARCs to recover dues of Rs 406 cr
Airtel to spend Rs 1.17 lakh cr on various businesses with subsidiaries over a period of 5 years
Global gold demand rises 10% to 4,021 tonnes in 2021: WGC
KERALA NEWS
Kerala records 558 fresh COVID-19 cases, 74 deaths
 Thiruvananthapuram: Kerala on Thursday recorded 558 fresh infections which raised the total to 65,29  
Kerala records 596 fresh COVID-19 cases, 24 deaths
1,088 COVID-19 cases, 31 deaths in Kerala
covid-19: Kerala reports 5,427 cases on Sunday, active cases drop to 66K
INTERNATIONAL NEWS
Sri Lanka PM Ranil Wickremesinghe appointed Finance Minister by Prez Gotabaya
 Colombo, May 25 (PTI) Sri Lanka's Prime Minister Ranil Wickremesinghe was appointed Finance Minister
Day will come when Pakistan will be able to engage with India diplomatically and economically: Zardari
PM Modi to visit Lumbini in Nepal on Buddha Purnima
Police in North Macedonia to deport 44 migrants to Greece
NATIONAL NEWS
Bid to corner Sambhaji Chhatrapati over RS polls: Fadnavis
 Nagpur, May 25 (PTI) BJP leader Devendra Fadnavis on Wednesday claimed that political developments i
3 Pakistani terrorists, J&K cop killed in Baramulla encounter
Kapil Sibal files RS nomination as SP-backed Independent, says he quit Cong on May 16
Mundka fire: Building owner arrested
Untitled Page
Rashtra Deepika LTD
Copyright @ 2021 , Rashtra Deepika Ltd.