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The <keyword id="139820" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission">Competition Commission</keyword> has rejected allegations of unfair business practices against five online retail majors -- Flipkart, Snapdeal, Amazon, Jabong and Myntra -- as it did not find any prima facie evidence of violations. 
 The complaints were filed against <keyword id="1990166" type="UNKNOWN" weightage="80" keywordseo="Flipkart-India-Pvt-Ltd">Flipkart India Pvt Ltd</keyword>, <keyword id="2810347" type="COMPANY" weightage="80" keywordseo="Jasper-Infotech-Pvt-Ltd">Jasper Infotech Pvt Ltd</keyword>, <keyword id="2837603" type="UNKNOWN" weightage="80" keywordseo="Xerion-Retail-Pvt-Ltd">Xerion Retail Pvt Ltd</keyword>, <keyword id="2837662" type="UNKNOWN" weightage="80" keywordseo="Amazon-Seller-Services-Pvt-Ltd">Amazon Seller Services Pvt Ltd</keyword> and Vector E-commerce Pvt Ltd. 
After looking into the matter for the past few months, the fair trade watchdog has ruled that these entities did not violate competition norms by indulging in cartelisation or by abusing their dominant position. 
 
Jasper runs Snapdeal.com, Xerion owns Jabong.com, while Vector is the company behind Myntra.com. 
"... the Commission is of the prima facie view that no case of contravention of the provisions of either section 3 or section 4 of the Act is made out against the opposite parties," it said in a 10-page order. 
 
It was alleged that e-commerce websites and product sellers entered into exclusive agreements to sell products exclusively on select portals. 
 
In recent months, there have been rising concerns that discount sales launched by various e-commerce websites, including Flipkart were anti-competitive in nature. With regard to exclusive agreements, the <keyword id="97393" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (CCI) said that such pacts need not result in appreciable adverse effect on competition. 
 
"It does not seem that such arrangements create any entry barrier for new entrants. It seems very unlikely that an exclusive arrangement between a manufacturer and an e-portal will create any entry barrier as most of the products which are illustrated in the information to be sold through exclusive e-partners (OPs) face competitive constraints," the order, dated April 23, said. 
Agreeing with the contention of the opposite parties, the Commission said that every product cannot be taken as a relevant market in itself. 
 
"Irrespective of whether we consider e-portal market as a separate relevant product market or as a sub-segment of the market for distribution, none of the opposite parties seems to be individually dominant. 
"There are several players in the online retail market which have been arrayed as opposite parties in the present case, offering similar facilities to their customers," the order said. 
 
The regulator noted that it does not consider it necessary to go into the question of abuse of dominance by the opposite parties.

A huge relief for Flipkart, Snapdeal, Amazon, Jabong and Myntra. Know more

To compete with rivals <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword>, the country’s largest online marketplace, Snapdeal has roped in <keyword id="6354287" type="CITY" weightage="80" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> senior executive <keyword id="1973987" type="UNKNOWN" weightage="80" keywordseo="Anand-Chandrasekaran">Anand Chandrasekaran</keyword> as its new chief product officer, according to an Economic Times report. Snapdeal, run by <keyword id="2848551" type="UNKNOWN" weightage="80" keywordseo="Jasper-Infotech-Pvt">Jasper Infotech Pvt</keyword>. Ltd, is relying on him to create a products and services ecosystem similar to that of Chinese eCommerce giant <keyword id="163405" type="CITY" weightage="80" keywordseo="Alibaba-Group">Alibaba Group</keyword>. It also wants to diversify and build capabilities in another fast-growing Internet commerce segment — digital bill and utilities payments. Chandrasekaran, 36, has 15 years of work experience in companies like online technology firm <keyword id="6363100" type="CITY" weightage="80" keywordseo="Yahoo">Yahoo</keyword>, software innovator Openwave and mobile service management firm Aeroprise Inc. As a chief product officer at Bharti Airtel, he led product strategy for music streaming service Wynk and Airtel Money. The <keyword id="101399" type="ORGANIZATION" weightage="80" keywordseo="Stanford-University">Stanford University</keyword> alum also played a key role in the launch of the highly criticised Airtel Zero, which <keyword id="6391709" type="UNKNOWN" weightage="80" keywordseo="Net-neutrality">Net Neutrality</keyword> supporters said violated the concept of a free Internet. Chandrasekaran's appointment at Snapdeal comes three months after Flipkart onboarded former <keyword id="6355629" type="CITY" weightage="80" keywordseo="Google">Google</keyword> executive <keyword id="278552" type="PERSON" weightage="80" keywordseo="Punit-Soni">Punit Soni</keyword> to fulfill a similar role. His is the latest in a series of leadership level hires at the company in the past 12 months, a period that also saw the departure of two senior executives — chief financial officer Aakash Moondhra and chief technology officer <keyword id="2049459" type="UNKNOWN" weightage="80" keywordseo="Amitabh-Misra">Amitabh Misra</keyword>. 

	Chandrasekaran's new role is expected to be more wide-ranging than that of Soni, given that Flipkart continues to remain focused on the eCommerce products space. 
 

	Snapdeal, following a series of buyouts, the latest being its $450 million (Rs 2,870 crore) acquisition of mobile recharge platform Freecharge, has begun offering services including mobile recharge, online bill payment facilities and home and personal loans as it looks to grab a larger slice of the country's consumer market estimated to be worth $1.4 trillion. 
 

	"I look forward to working towards building a highly scalable, sustainable, innovative and future ready technology platform," Chandrasekaran said in a statement on Wednesday. 
 Snapdeal expects its new bets to start paying off from this fiscal year itself. Chief executive <keyword id="219793" type="PERSON" weightage="60" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> recently indicated that he expected Freecharge to contribute about $1 billion to Snapdeal's overall gross merchandise sales by March next year. 

	Snapdeal's current sales are estimated to be about $3.5 billion. 
	 
	(Image: Indiatimes)

Meet the new product chief of Snapdeal, Anand Chandrasekaran

The international arm of the National Payments Corporation of India (<keyword id="193629" type="General" weightage="20" keywordseo="npci" source="Orion">NPCI</keyword>) on Thursday announced to deploy <a href="https://www.businessinsider.in/business/telecom/news/how-to-use-upi-autopay-to-recharge-jio-number/articleshow/88754552.cms" data-type="tilCustomLink">Unified Payments Interface</a> (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India. Nepal is the first country outside India to adopt UPI as the payments platform, driving the digitalisation of cash transactions. The NPCI International Payments Limited (NIPL), the global arm of the NPCI joined hands with the Gateway Payments Service Pvt Ltd, an authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy UPI in the country. "The partnership will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," said Ritesh Shukla, CEO of NIPL. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India. In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India's GDP. "The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society," said Rajesh Prasad Manandhar, CEO of GPS. Mobile penetration of over 135 per cent, with 65 per cent of the population using smartphones, provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal. Over the next few months, all three companies will work closely together to deploy UPI in Nepal. along with all the functionalities and features presently available in India. "We believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy," said Naga Babu Ramineni, Director of Manam.

NPCI to deploy UPI in Nepal, first country outside India

New Delhi, <keyword id="10062958" type="UNKNOWN" weightage="20" keywordseo="transaction-auditor-grant-thornton">Transaction auditor Grant Thornton</keyword>, in a report shared with the <keyword id="57372" type="COMPANY" weightage="20" keywordseo="Administrator">Administrator</keyword> of <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword>, has found certain transactions which are undervalued, fraudulent and preferential in nature, putting the newly-discovered fraud at ₹6,182 crore. The Administrator of <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Company Ltd, appointed under the Insolvency and Bankruptcy Code, 2016 to carry out the duties under it, obtained assistance from <keyword id="10802312" type="UNKNOWN" weightage="20" keywordseo="reputed-professional-agency">reputed professional agency</keyword>, Grant Thornton to conduct investigation of the affairs of the company in respect of transactions qualified under sections 43 to 51, and sections 65 and 66 of the Code. Accordingly, the Administrator of the Company received an initial report from the professional agency appointed as the transaction auditor, indicating that there are certain transactions which are undervalued, fraudulent and preferential in nature, falling under the aforesaid sections of the Code, as per a filing. On basis of the investigation and observations of the transaction auditor, the Administrator has filed an application before the Mumbai bench of the <keyword id="6354457" type="COMPANY" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) under Section 45, Section 60(5) and Section 66 of the Code on February 20, 2021 in respect of disbursement made to certain entities as other large project loans (OLPL), against Kapil Wadhawan, <keyword id="2992416" type="PERSON" weightage="20" keywordseo="Dheeraj-Wadhawan">Dheeraj Wadhawan</keyword>, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. It is to be noted that further filings may be undertaken, in due course. The nature of fraud is in relation to irregularities in disbursement of OLPL loans by the company in the past. As per the transaction auditor report shared with the Administrator, the monetary impact of the above transactions covered under the application amounts to ₹5,381.90 crore towards outstanding principal, ₹589.36 crore towards accrued interest and ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest. Thus, the total impact of such transactions, as detailed in the transaction auditor's report, has been sought from the relevant entities involved, along with the interest for the relevant period, through the said application filed with NCLT. As per the report prepared by the transaction auditor, the concerned transactions occurred over a period of time, detailed in the report. Based on the report, the application has been filed with NCLT, Mumbai against 33 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. The preliminary estimation included in the application places the monetary impact of the concerned transactions at approximately ₹6,182.11 crore (which includes ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest). All relevant details regarding these proceedings have been included in the application filed before the National Company Law Tribunal, Mumbai and is presently pending consideration. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nurecas-100-crore-ipo-heres-how-to-check-share-allotment-status/articleshow/81135236.cms">Nureca’s ₹100 crore IPO: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/travel/article/exploring-the-unreal-beauty-of-the-andaman-islands/articleshow/81126293.cms">Exploring the unreal beauty of the Andaman Islands</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a>

Fraudulent transactions of ₹6,182 crore in DHFL unearthed

When 80,000 coders from 9,000 IT companies were given a chance to fight the TechGig Code Gladiators 2015 battle using a weapon of their choice i.e. a programming language they love, we realized that Java is the love of their life. Contestants preferred Java over 9 other programming languages, which includes: C, C++, C#, PHP, Java Script, Python, Perl, Ruby and VB.net. 
 
TechGig Code Gladiators is a national level competition that showcases the company with the best coders and identifies the Best Coder in the Country. 
 
In the initial online rounds of the Code Gladiators 2015, the top 100 coders battled it out face-to-face in the grand finale to win coveted titles and prize money of Rs 6 lakhs. And at the finale, when India got its five best coders, Java emerged as the most popular coding language among the top coders. 
 
Apurv Gupta from Oracle (the winner), Surender Godara from SapientNitro (first runner-up), Victor Hoh from AWPL (second runner-up), <a href="http://www.techgig.com/ankitvij">Ankit Vij</a> from Cvent India Pvt Ltd (fourth runner-up) and <a href="http://www.techgig.com/hinabhatia1">Hina Bhatia</a> from <a href="https://www.facebook.com/pages/Steria/112676715413273?fref=ts">Steria</a> (TechGig Code Diva and best women coder) - all chose Java as their preferred language to sail through the contest. 
 
"One thing all skilled coders agree on is that they love familiarity. When it’s time to write for heavyweight and scalable enterprise applications, techies reach for their most comfortable tool. Thanks to years of unrelenting backward compatibility, Java is that tool." says Vivek Madhukar, COO, TimesJobs.com 
 
Speaking to TechGig after the finale, Surender Godara from SapientNitro said that for the first two virtual rounds, he was coding in C language but the final problems were so tough he had to switch to Java. 
 
Only the third runner-up, <a href="http://www.techgig.com/sonusingal">Sonu Singal</a> from <a href="https://www.facebook.com/algoworkstech?fref=ts">Algoworks Technologies</a>, was the lone winner to code in C# (C sharp) in the grand finale of Code Gladiators. 
 
Similar to <a href="http://articles.economictimes.indiatimes.com/2014-07-14/news/51485010_1_coding-talent-experience">the 2014 edition of TechGig Code Gladiators</a>, majority of the participants of this year’s contest too coded in Java, followed by C# and C/C++. Coders this year also turned to trending languages such as Python and Ruby. 
 
The competition also saw the rise of the top five IT companies - <a href="https://www.facebook.com/PersistentSystems?fref=ts">Persistent Systems</a> (first), <a href="https://www.facebook.com/pages/Steria/112676715413273?fref=ts">Steria</a> (second), <a href="https://www.facebook.com/pages/IRIS-Software-Pvt-Ltd/228413760539823">IRIS Software</a> (third), <a href="https://www.facebook.com/itcinfotech?fref=ts">ITC Infotech</a> (fourth) and <a href="https://www.facebook.com/AmadeusSouthAsia?fref=ts">Amadeus South Asia</a> (fifth). 
 
In terms of User Engagement &amp; Traffic metrics – the 2015 Edition of TechGig Code Gladiators racked up a record breaking - 
&gt; 100 Million+ Impressions 
&gt; 8 Million+ Users 
&gt; 1.5 Million+ Views 
&gt; 500K+ Visits 
&gt; 3.4 Million+ Twitter Impressions 
&gt; 250K+ Facebook Impressions 
 
(Image: india times)

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