Tribunal asks Walmart to explain India business model after Flipkart deal
Walmart Inc's unit has been asked to explain its business model in India after its acquisition of e-commerce platform Flipkart, following an objection raised by a local traders body.
India's National Company Law Apellate Tribunal (NCLAT), which is in charge of matters related to Indian companies, issued an order to Walmart Inc subsidiary Wal-Mart International Holdings Inc, the document dated Sept. 6 showed.
The Confederation of All India Traders filed their plea late last month against the $16 billion acquisition.
NCLAT has asked Wal-Mart International to file its reply by Sept. 20.