NCLT clears Flipkart's shift from Singapore to India

THE NATIONAL COMPANY Law Tribunal (NCLT) has approved Flipkart's longpending proposal to shift its domicile from Singapore to India, clearing a critical regulatory hurdle as the Walmart-owned e-commerce major readies itself for a domestic public listing.

- AYANTI BERA

The order, passed by the tribunal's principal bench on December 12, has approved a two-step restructuring that will see Flipkart's Singaporebased holding entities merged into its Indian arm, Flipkart Internet.

The approval allows the company to proceed with the consolidation of eight overseas entities into the Bengaluru-headquartered firm, effectively unwinding its complex foreign holding structure. As part of the process, Flipkart is now seeking clearance from the government under Press Note 3 norms, sources said, since Chinese technology major Tencent continues to hold around a 5% stake in the company.