In its order, the High Court mentioned that no enforcement action will be taken against the company until the next hearing on February 24.
Flipkart is one of the leading e-commerce marketplaces in India, headquartered in Bangalore. The business started as an online bookstore. Later, he also started selling other merchandise, such as movies and cell phones. Today, the company offers over 80 million products in over 80 categories. It has the capacity to deliver 8 million shipments per month.
In July 2020, Flipkart Group raised an additional $1.2 billion from an investment group led by Walmart. After equity financing, the valuation reached US$24.9 billion. Flipkart is committed to making a full transition to electric vehicles (EVs) across its entire e-commerce value chain by 2030 by partnering with The Climate Group’s global EV100 electric vehicle initiative.
The Karnataka High Court on Wednesday granted a temporary stay of its claims against Flipkart India for more than Rs 1,100 crore, CNBC reported. In its order, the High Court mentioned that no enforcement action will be taken against the company until the next hearing on February 24.
In arguing the case, Flipkart argued that the Appellate Body violated principles of natural justice in passing the order and that the findings were not made available to the company.