CAIT urges Centre to ban 'Chinese' firm Shopee for FDI violations

by IANS |

New Delhi, Dec 16 (IANS) The Confederation of All India Traders on Thursday urged Union Finance Minister Nirmala Sitharaman to ban Chinese e-commerce company Shopee, which it claimed to be operating in India against FEMA Rules and FDI Press Note of 2020.

The traders body urged the Centre to take immediate cognisance of the matter.

According to the 2020 rule, an entity of any country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only through the government route.

CAIT accuses the Chinese e-commerce company Shopee of violating the rule.

Shopee is a Chinese e-commerce giant which has commenced its operations in India through an entity, SPPIN India Pvt Ltd, held by two holding companies, SPPIN I Pvt Ltd and SPPIN II Pvt Ltd, both registered in Singapore, the traders' body claimed in the letter to Sitharaman.

"These two entities are in turn held by another parent company SPPIN Ltd, registered in the Cayman Islands. This complex structuring of entities is nothing but an attempt to hoodwink the Indian government and infuse Chinese funds into India," the letter added.

"As such, I request you to examine, enquire (sic) and take necessary action as may be deemed appropriate in law against the mobile application, Shopee and the corresponding website, www.shopee.in, and all similarly situated entities, including SPPIN India Private Ltd."

The traders' body also alleged Shopee of being adopting "predatory pricing tactics", thereby distorting competition in the market.

Latest News
BJP in direct contact with 20 cr household to expand its mass base Sun, Aug 14, 2022, 04:34 PM
Perfect 12 from Indian wrestlers at CWG 2022, but tougher tests await them Sun, Aug 14, 2022, 04:04 PM
I-Day: Delhi under heavy security cover Sun, Aug 14, 2022, 03:52 PM
Meta partners with DoorDash to deliver Marketplace items in US Sun, Aug 14, 2022, 03:14 PM
Akasa Air founder, top broker Rakesh Jhunjhunwala passes away Sun, Aug 14, 2022, 03:03 PM
Investing community mourns death of Rakesh Jhunjhunwala Sun, Aug 14, 2022, 02:59 PM
UP ATS arrests one more Jaish terrorist Sun, Aug 14, 2022, 02:57 PM
After airspace closure, 10 Russian planes remain in Germany Sun, Aug 14, 2022, 02:43 PM
Three of a family killed in Gujarat road mishap Sun, Aug 14, 2022, 01:58 PM
One thing that stands out is how Rohit Sharma backs players who aren't performing: Parthiv Patel Sun, Aug 14, 2022, 01:45 PM
Pakistan records 581 new Covid cases, 4 deaths Sun, Aug 14, 2022, 01:24 PM
PM pays homage to all those who lost their lives during Partition Sun, Aug 14, 2022, 12:52 PM
MS Dhoni changes his Instagram DP to Indian tricolour to mark 75 years of independence Sun, Aug 14, 2022, 12:43 PM
Elon Musk hopes for a self-sustaining city on Mars in 20 years Sun, Aug 14, 2022, 12:39 PM
CCI approves merger of HDFC Bank, HDFC Ltd Sun, Aug 14, 2022, 12:37 PM