HomeHubsAmazonAmazon acquires 49 percent shares in Witzig Advisory services

Amazon acquires 49 percent shares in Witzig Advisory services

Reader's Pick

One of the world’s largest E-commerce giant, Amazon Inc has acquired the 49% of the shares in Witzig Advisory Services, which also owes ‘More Supermarket stores.”

In a filing with Registrar of Companies (RoC), Witzig said that “Amazon has acquired 17% of class A shares in the company and the rest 32% through Class B shares which has the differential voting rights (DVR).”

The filing also said that “Each share of Class A will have one vote, while the Class B shares don’t carry any voting rights.”

“With this 17% of the Class A share, Amazon now caps 17% voting rights in the Witzig company.”

- Advertisement -

The 32% shares of Class B will allow the Amazon to meet with the new FDI norms which came into effect from Feb 1, 2019.

The new e-commerce guidelines prohibit a foreign entity running a marketplace as well as its group companies from equity participation in any of the sellers or having control over their inventory.

Subscribe to our Newsletters

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.
 

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Paytm Payouts transfers Rs 1,500 crores

India-based e-wallet company, PayTM said, "Its Paytm Payouts has transferred ov...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Rajesh Bysani joins Brainly as its new CPO

A New York headquarter peer-to-peer learning platform, Brainly has announced th...

India’s export-import ecosystem needs robust logistics support: Nisschal Jaain, CEO of Shypmax

India’s burgeoning export-import ecosystem requires robust logistics support.

Turno snaps $13.8 Mn from B Capital & Quona Capital

Turno, an India-based commercial electric vehicle (EV) distributor, and financi...

Startup investment through convertible notes has waned: Shivam Bajaj, CEO of Avener Capital

Speaking to the TechGraph editorial team, Shivam Bajaj Founder & CEO of Ave...