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Friday, 5 July 2019

Flipkart fully compliant with FDI norms and is ready for audit: Kalyan Krishnamurthy

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Flipkart is in full compliance with India’s FDI rules and is ready to face any audit as per law.

This has been confirmed by Kalyan Krishnamurthy, CEO, Flipkart.

The Walmart-owned e-commerce firm is under scrutiny over the intermediary agreements signed in March this year to side-step the e-commerce FDI rules.

This follows last month’s meeting between Commerce and Industry Minister Piyush Goyal and top executives of both Indian and foreign online marketplaces, where Goyal had reportedly asked Flipkart if it was compliant with the latest FDI norms for online marketplaces.

Maintaining that the e-commerce player took legal compliance ‘seriously’, Krishnamurthy said that Flipkart was open to any audit by the company’s statutory auditors to check for compliance with requirements under Press Note 2.

Issued in December 2018, the changes in e-commerce FDI policy target deep discounts being offered by major online marketplaces like Flipkart and Amazon and also bars the online firms to have exclusive vendor partners.

The circular came into effect from 1 February 2019 after Department for Promotion of Industry and Internal Trade (DPIIT) refused to extend the deadline.

The latest policy also barred marketplace operators from selling products of any of their group companies.

In February this year, Amazon pared its stake in the parent company of Cloudtail, the largest vendor on Amazon.in, from 49 per cent to 24 per cent while NR Narayana Murthy’s Catamaran Ventures raised its shareholding from 51 per cent to 76 per cent. The move was aimed at complying with the new FDI rules and to allow Cloudtail to continue selling on Amazon.in.

Source: https://in.apparelresources.com

    
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