Karnataka HC grants interim stay on CCI probe against Amazon, Flipkart

In a major relief to e-commerce majors Amazon India and Flipkart, the Karnataka Large Court docket on Friday granted an interim remain on the Opposition Commission of India’s (CCI’s) buy of an investigation into some of the firms’ business techniques.

The buy was delivered by Justice P S Dinesh Kumar on a petition filed by Amazon, trying to find an interim remain on the CCI probe buy, right after hearing the make any difference about the earlier three days. The courtroom has granted the respondents 8 weeks to file a counter.

“While we welcome and regard the final decision of the Hon’ble Large Court docket of Karnataka, this is just a step in the authorized process. We are confident about our compliance,” Amazon mentioned on a assertion adhering to the HC buy.

Amazon experienced made CCI, the Delhi Vyapar Mahasangh (DVM) and Flipkart as respondents.

The CCI experienced purchased the

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CARE Ratings drops 8% as Chairman Mainak steps down after forensic probe

Treatment Ratings slipped virtually 8 for each cent on Thursday, immediately after experiences recommended that S B Mainak, chairman, Treatment Ratings has tendered his resignation.

Current market regulator Securities and Trade Board of India (Sebi) is stated to have nudged the ranking agency to remove Mainak immediately after adverse results in opposition to him in a forensic report.

“Pursuant to Regulation thirty of the SEBI (Listing Obligations and Disclosure Specifications) Restrictions 2015, you should be educated that due to individual explanations Shri. S B Mainak, Chairman & Independent Director of the Firm has tendered his resignation with effect from February eleven, 2020,” the firm stated in a regulatory filing to the BSE. Go through IT Right here

This is the 2nd setback for the ranking agency in as quite a few months. Previously in December 2019, the company’s taking care of director and main govt officer (MD & CEO) Rajesh

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