Flipkart gets nod for India residency, one hurdle left

Walmart-controlled Flipkart received a key approval to shift its domicile back to India, a prerequisite for a local listing, in a move that also reflects a shift in India-US economic ties amid prolonged bilateral trade negotiations.

- Dhirendra Kumar

The National Company Law Tribunal (NCLT) approved the re-domiciling scheme on Friday, according to an order reviewed by Mint.

‘The restructuring is fair and not prejudicial to the interests of shareholders or creditors, the tribunal said, while clearing India-based Flipkart Internet Pvt. Ltd’s intra-group amalgamation scheme involving eight Singapore-incorporated entities. The combined entity will be called Flipkart Internet Pvt. Ltd.