New Delhi, Aug 29 (KNN) The Confederation of All India Traders (CAIT), a traders’ body representing 70 million small businesses, has files a petition in the National Company Law Appellate Tribunal (NCLAT) requesting it to reverse the approval given to Walmart-Flipkart deal by the Competition Commission of India (CCI).

CAIT has been opposing Walmart’s USD 16 billion acquisition of 77% of Flipkart stating that it is not in the interest of domestic traders. CAIT and Swadeshi Jagran Manch, the economic wing of the RSS, have been against the Walmart-Flipkart deal since it was announced in May.

Walmart last week filed a caveat in multiple high courts across the country to pre-empt CAIT and Swadeshi Jagran Manch from obtaining any interim order against its acquisition of Flipkart without it getting a chance to present its side.

According to a media report, NCLAT has the right to uphold, modify or set aside CCI’s decision.

On completion of the Walmart-Flipkart deal, the company had said it will continue to partner to create sustained economic growth across agriculture, food and retail.

“Future investments by Walmart will support national initiatives and will bring sustainable benefits in jobs creation, supporting small businesses, supporting farmers and supply chain development and reducing food waste,” it had said. (KNN Bureau)