Traders protest 'govt collusion with Amazon, Flipkart'
Angry at the reported move of the Ministry of Micro, Small & Medium Enterprises (MSME) to join hands with Amazon and Flipkart for on boarding of traders on their e-commerce portals, a large number of traders on Thursday staged a demonstration at Jantar Mantar here.
 
Calling upon Union MSME Minister Nitin Gadkari to reject any such proposed move, traders body Confederation of All India Traders (CAIT) said it will not accept any kind of government "collusion" with Amazon and Flipkart. 
 
"If the Ministry is so serious, let it create an independent e commerce portal and the traders of the country will support such initiative and will do every bit of it to onboard seven crore traders of the country on such e commerce portal," CAIT said in a statement.
 
The MSME Ministry earlier deferred its decision to create a government-owned e-commerce portal for MSME entities.
 
In a letter to Gadkari on December 9, CAIT drew attention to reports of the ministry initiating a move to join hands with e-commerce companies including Amazon and Flipkart.
 
The traders were also protesting against the alleged violation of the foreign direct investment (FDI) policy by Amazon and Flipkart and said that "it is nothing but a deep rooted conspiracy of Amazon and Flipkart to enter into crony capitalism under the garb of bringing foreign investment which is being used for cash burning in maintaining predatory pricing and deep discounting, controlling inventory, having preferential seller system and exclusivity of products".
 
Apart from New Delhi, business leaders from Tamil Nadu, Andhra Pradesh, West Bengal, Odisha, Maharashtra, Gujarat, Uttar Pradesh, Madhya Pradesh, Chandigarh, Punjab, Haryana, Jammu and Kashmir, Chhattisgarh, Puducherry, Rajasthan and Uttarakhand, among others, participated in the demonstration, CAIT said. 
 
The traders of All India Mobile Retailers Association and All India Consumer Products Distributors' Federation also attended the demonstration in large numbers, it added. 
 
CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal alleged that Flipkart and Amazon are leading losses of thousands of crores of rupees in the Goods and Services Tax (GST) revenue by artificially lowering the prices and by showing huge losses in their business.
 
CAIT has already urged Union Finance Minister Nirmala Sitharaman to conduct an investigation into these charges of tax avoidance.
 
The trade body has also urged Union Commerce Minister Piyush Goyal to conduct an investigation into whether there is any violation of the Foreign Exchange Management Act (FEMA) or other concerning laws by the e-commerce players.
 
Announcing the next phase of the national movement against Amazon and Flipkart, Bhartia and Khandelwal said that the families of traders across the country will protest on December 24. 
 
A postcard campaign will be launched across the country from December 15, under which traders will send postcards to leaders including the Prime Minister, Home Minister, Finance Minister, Commerce Minister and the Chief Ministers of all the states urging for action against these two companies, CAIT said. 
 
On December 27, traders in various cities will go on a day-long token hunger strike, it added.
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    COMMENTS

    Ramesh Poapt

    2 months ago

    life line required to MSME...

    ramchandran vishwanathan

    2 months ago

    We must wholeheartedly support our MSME industry which contributes significantly to our employment and GDP .
    The Government instead of calling Corporates must call the well run MSMEs to seek ideas on what do they need to improve our economy

    Infosys faces class action lawsuit in US for false financial statements
    The Schall Law Firm, a shareholder rights litigation firm based in Los Angeles has announced the filing of a class action lawsuit against Infosys Limited.
     
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    This comes months after a whistleblower complained against Infosys and its CEO Salil Parekh on the similar lines. However, the company later after an investigation said it could not find the evidence.
     
    The complaint in the US said CEO Parekh skipped standard reviews of large deals to avoid accounting scrutiny. In fact, the company's finance team was pressured to hide details of these deals and other accounting matters from auditors and the company's Board of Directors.
     
    "Based on these facts, the company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Infosys, investors suffered damages", a statement by the law firm said.
     
    Schall said it encourages investors with losses in excess of $100,000 to contact the firm.
     
    The class action lawsuit against Infosys Limited listed on NYSE for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
     
    Investors who purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (the "Class Period"), have been asked to contact the firm before December 23, 2019, it said.
     
    The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    NCLT seeks clarity on Jet Airways' slots from Centre, DGCA
    The Mumbai Bench of the National Company Law Tribunal (NCLT) on Wednesday sought clarity from the government and the Directorate General of Civil Aviation (DGCA) regarding the slots of now insolvent Jet Airways.
     
    This is a reiteration by the NCLT on the details of the slots of the airline. 
     
    The next hearing will be on December 17.
     
    The DGCA has sought two weeks to provide clarity on slots available. The NCLT has also directed Synergy Group to appear before the tribunal on next date of hearing. 
     
    South America's Synergy Group is the only organisation to show interest in Jet Airways.
     
    A slot is a date and time at which an airline's aircraft is permitted to depart or arrive at an airport and they are important for potential buyers of an airline.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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