City
Epaper

FICCI President Uday Shankar snubs Amazon's claims

By IANS | Updated: March 19, 2021 21:24 IST

New Delhi, March 19 FICCI President Uday Shankar snubbed the Ficci Ecommerce Committee head after a meet today where ...

Open in App

New Delhi, March 19 FICCI President Uday Shankar snubbed the Ficci Ecommerce Committee head after a meet today where all associations were present.

In a first, Uday Shankar has said Amazon's claims at a vital stakeholder-DPIIT meet Friday were false and need to be rescinded.

Shankar, in a terse distancing from Amazon's claims, said the apex chamber expects zero-tolerance on creative interpretations of FDI norms.

Amazon is under ED investigation for misusing Press Notes 2 and 3 and violating the "market place" covenant governing foreign companies in ecommerce.

The U.S. giant has been accused of circumventing FDI law by investing in multiple downstream Indian companies and then arming them with deep discounting, preferential placement, killing its own ecommerce vendors and millions of brick and mortar rivals with a bear hug.

DPIIT had requested a one-chamber-one-spokesman rule and FICCI therefore fielded Amazon India CFO Raghav Rao at the crucial meeting. Rao is one of the three co-chairs of the FICCI committee. Snapdeal and Reliance are the other two co-chairs.

Individual companies have been granted time on March 25, but Rao unwisely chose to attempt a spin on where members stood on the vexed subject.

( With inputs from IANS )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: HomoFicci ecommerce committeeRaghav raoNew DelhiFicciUday ShankarThe new delhi municipal councilDelhi south-west
Open in App

Related Stories

EntertainmentAjith Kumar Injured in Fan Frenzy After Padma Bhushan Award Ceremony, Actor Hospitalized In Chennai

InternationalColorado Nightclub Raid: Over 100 Illegal Immigrants Detain at Underground Nightclub in US; Video Surfaces

MaharashtraOver 10,000 Pakistani Nationals Traced in Maharashtra and Delhi Post-Palgham Terror Attack

BusinessGlobal Tech Firms Eye India for Manufacturing Amid US-China Tensions

InternationalIllinois Plane Crash: 4 Killed After Cessna C180G Aircraft Goes Down After Hitting Power Lines in Trilla

Technology Realted Stories

TechnologyZoho CEO Sridhar Vembu has no ‘confidence in tech’, shelves $700 million chip plan

TechnologyYouTube commits Rs 850 crore to power India’s ‘Creator Nation’: CEO Neal Mohan

TechnologyApple clocks 28 pc growth in iPhone shipments in India: Industry data

TechnologyNHRC asks 11 states to boost measures to prevent heat-related deaths

TechnologyNRAI and ONDC refute speculative reports, reaffirm strong partnership