It claimed that offenders have been siphoning off money from unsuspecting general public by illegally using the website's trademark and that it has no involvement or association with any such schemes.
As an introductory offer, users will receive 15 percent cashback upto Rs 100 on their first transaction.
The company had posted a consolidated loss of Rs 4,647.1 crore in FY2016-17, documents filed with the Corporate Affairs Ministry showed.
The report also noted that 35 per cent of the consumers believed that perfumes, fragrances and other cosmetics are the most counterfeited items sold on these websites.
The average order size daily would be 3.5-3.8 million throughout the 45 day sale period that began this week
Sources told Moneycontrol that the government will likely extend the first month’s return filing date to ease online marketplaces’ transition to the new system that kicks in from Oct 1
Sources in the finance ministry told Moneycontrol that the government will come up with FAQs on Monday clarifying rules on the 1 percent tax collected at source (TCS) for online marketplaces that will kick in from Oct 1
While an initial public offering would be a distant option for Snapdeal right now, the company told Moneycontrol in an email response that "the new structure is optimised to enable pursuit of long term value creation for all shareholders"
Flipkart will be hoping that the newest vertical under its umbrella will help bolster its status as the preferred destination for smartphones, both new and refurbished.
Absence of any detailed guidelines have left many companies anxious as they are still not clear about what constitutes profiteering
The idea is to promote the sale of domestically produced goods through online platforms by allowing limited inventory in B2C online retail firms such as Flipkart, Snapdeal and Paytm Mall
"Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 cr, subject to shareholders’ approval."
E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for "impairment of goodwill" of Rs 1,797 crore. According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16.
Last year Snapdeal’s CFO Anup Vikal had resigned after the company called off its merger talks with Flipkart.
Said to be in talks with the founders to sell the stake, once valued at Rs 3,000 crore, at Rs 40-50 crore now.
The government is could soon put a clamp on the number of counterfeit products sold through online marketplaces.
The short term effects on mind (alertness, better sleep, engagement, attentiveness) and body (weight reduction, energy, stamina) is quite incredible, says Kunal Bahl...
Investors and startups say that the Finance Minister should provide more clarity on angel tax, exit clauses, GST and cryptocurrencies outside the Budget.
Future Group Founder and Chairman Kishore Biyani said in a statement that through Vulcan, the company plans to boost its last mile capabilities and also offer state-of-the-art solutions to its e-commerce and retail clients.
The deal also signifies an increasing attempt by Flipkart to maintain an edge over rival Paytm which is also expanding its online marketplace - Paytm Mall.
The deal is expected to close in the next few weeks and may include the transfer of Vulcan's workforce to the Future Group as part of the deal, one of the sources said.
Kalra's exit comes at a time when Snapdeal is trying to get back on its feet in the market after facing a turbulent year.
The step is expected to check the practice of e-tailers inflating prices and offering fake discounts on products.
2017 was also a year that opened a pandora of sexual harassment cases across startups that ranged from Scoopwhoop and TVF to Uber and 500Startups
As more Indians are expected to shift their daily shopping to the online world, stringent laws will ensure their trust in e-commerce.