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CAIT urges Centre to ban 'Chinese' firm Shopee for FDI violations
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SME Times News Bureau | 16 Dec, 2021
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.
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