New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed a petition filed by traders' body CAIT against CCI nod to Walmart's USD 16-billion acquisition of Flipkart.
A two-member bench of the appellate tribunal headed by Justice S J Mukhopadhaya said CAIT failed to establish its allegations against CCI granting approval for Walmart-Flipkart deal. NCLAT also said Flipkart was not even made party by CAIT in its plea.
"We find no merit in it, accordingly the appeal is dismissed," said NCLAT, upholding the CCI nod to the deal. The appellate tribunal also observed that the deal would add value to the Flipkart platform.
The Competition Commission of India (CCI) on August 8, 2018 had said it has approved US retail giant Walmart's acquisition of Flipkart. NCLAT had reserved its order on CAIT's plea in January last year.
