Global retail giant Walmart has approached fair trade regulator CCI for approval of its proposed acquisition of a majority stake in e-commerce major Flipkart, saying the deal doesn’t raise any competition concerns. Stating that the proposed acquisition would be done through its subsidiary Wal-Mart International Holdings, Walmart has told the regulator that Flipkart is a Singapore-based investment holding firm, which along with its direct and indirect subsidiaries, both in India and elsewhere, is primarily engaged in the business of wholesale cash and carry of goods and providing marketplace based e-commerce platforms to facilitate trade between customers and sellers in India.

Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI). According to the notice submitted to the CCI by Wal-Mart International Holdings, the proposed transaction will be effected pursuant to the share purchase agreement and the share issuance and acquisition agreement entered into on May 9 by and among Walmart’s subsidiary and Flipkart.

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Chinese smartphone maker Xiaomi says it will fully comply with the Delhi high Court order asking it to stop sales of its smatphones in the country, Manu Jain, head of the company's India operations, told ET. Xiaomi, the third largest smartphone maker in the world, had earlier suspended the upcoming flash sale of its Red Mi 1S and Red Mi Note smartphones.

"We have not been served the notice till now, but we know about the issue. If the court has asked us not to do it, we won't do it," Jain said referring to the high court order barring Xiaomi from selling, importing or advertising mobile phones in India until February 5, the next date of hearing. "We would want to be 100% compliant with Indian rules and regulations."

The order, which followed telecom equipment maker Ericsson's plea that Xiaomi was infringing on its patents, leaves its future flash sales and business prospects in ambiguity even as the fast growing smartphone maker is trying to work out legally to resolve this issue in a critical market for the company. "We will explore all options including legal options on what can be done. Our lawyers and legal teams are working on it but we don't know how this will proceed.
We will communicate and explain very openly to our users about what the order says, once we get it," Jain added. The Delhi High Court on Tuesday had asked Xiaomi and its exclusive partner Flipkart to stop selling and importing phones in India until February 5 on Ericsson's allegations that Xiaomi infringed eight of its registered standard essential patents.

Hugo Barra, head of international operations at Xiaomi, apologised to enthusiasts on Facebook on Thursday night while informing them about the company's decision to suspend sales. He added however, that the company 'firmly' intends to continue operations in India.