Regulations
Flipkart gets notice from ED on Big Billion Day sale

According to reports, the ED is probing whether Flipkart had violated any retail norms during its Big Billion Day sale and may impose stiff penalty on the online retailer if found guilty

 

The Enforcement Directorate (ED) has issued notice to online shopping portal Flipkart questioning over their recent billion day sale. The ED may also impose a penalty of Rs1,000 crore on Flipkart says media reports.

 

Quoting sources, NDTV in a report said, the agency is "discreetly inquiring into" whether the company has flouted any retail rules during the single-day sale held on 6th October.

 

Flipkart's 'Big Billion Day' sale on 6th October had offered steep discounts on various products, raising concerns among small and big traders that such campaigns would badly affect players in the traditional retail market.

 

After receiving "many complaints" from traders on Flipkart's massive discount sale, last week, the union government said that it will look into the concerns and take a call on whether more clarity is required on e-commerce retail business.

 

"We have received many inputs. Lot of concerns have been expressed. We will look into it," Commerce and Industry Minister Nirmala Sitharaman told reporters.

 

Flipkart has said that its 'Big Billion Day' sale saw 1.5 million people shopping at its portal. It also claimed that products worth over Rs600 crore were sold in just 10 hours under the scheme.

 

Earlier this week, Confederation of All India Traders (CAIT) had demanded the Commerce and Industry Ministry take steps to monitor and regulate online businesses.

 

The CAIT has also sought a probe into the business model and trade practices of e-commerce companies to find out how they are offering huge discounts during the ongoing festive season.

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COMMENTS

Abhijit Gosavi

2 years ago

Amazing; has Flipkart borrowed money from the govt.? Have they evaded taxes? If yes, then go after them, otherwise, their own money is their own money (and of those who are investing in them). Just my two paise.

REPLY

Abhijit Gosavi

In Reply to Abhijit Gosavi 2 years ago

Disclaimer: I haven't invested in Flipkart or any other Indian stock :)

Sunil Pratap

2 years ago

So we can not believe even the media??? What next?

TIHARwale

2 years ago

This a fake news created and blown by CNN IBN where Reliance Industries Ltd has substantial stake and who own the retail chain Reliance Retail. RIL like any other retailer is facing hit owing to Flipkart sale and on going week long sale dhamka of Amazon.com

TIHARwale

2 years ago

This a fake news created and blown by CNN IBN where Reliance Industries Ltd has substantial stake and who own the retail chain Reliance Retail. RIL like any other retailer is facing hit owing to Flipkart sale and on going week long sale dhamka of Amazon.com

TIHARwale

2 years ago

This a fake news created and blown by CNN IBN where Reliance Industries Ltd has substantial stake and who own the retail chain Reliance Retail. RIL like any other retailer is facing hit owing to Flipkart sale and on going week long sale dhamka of Amazon.com

TIHARwale

2 years ago

This a fake news created and blown by CNN IBN where Reliance Industries Ltd has substantial stake and who own the retail chain Reliance Retail. RIL like any other retailer is facing hit owing to Flipkart sale and on going week long sale dhamka of Amazon.com

TIHARwale

2 years ago

This a fake news created and blown by CNN IBN where Reliance Industries Ltd has substantial stake and who own the retail chain Reliance Retail. RIL like any other retailer is facing hit owing to Flipkart sale and on going week long sale dhamka of Amazon.com

Indian market trends

The Sensex and the Nifty ended flat during the fortnight ended 9 October 2014. ML Mid-cap Index and ML Small-cap Index advanced 3% each. ML Large-cap Index rose 2%. ML Mega-cap Index went up by 1%.

 

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Fund flows
Foreigners: Foreign institutional investors were net sellers of stocks (Rs2,193.79 crore). They sold shares worth Rs24,337.10 crore. 
 
 
Indians: Domestic institutional investors were net buyers of stocks (Rs2,205.83 crore). They bought shares worth Rs10,369.32 crore.
 

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