MAM
Abby Awards 2017 shortlists to be available for review
MUMBAI: The iconic and pioneering Creative Awards – Abby 2017 has set another benchmark in transparency and efficacy. After receiving the highest ever number of creative entries, the first round of the prestigious Abby awards judging is presently on in multiple locations. The shortlists selected by the esteemed jury panels will progressively be uploaded on www.abbyshortlist.com
The Advertising Club president Raj Nayak said, “Abby’s are the most prestigious national award for excellence in communication. We have left no stone unturned to make our judging process transparent and responsive. Uploading the shortlist entries for feedback is a step towards facilitating greater transparency and inclusivity.”
Any further comments about what could be inspired work etc. could be sent within five days of the shortlist appearing, along with supporting documents, to the Advertising Club (adclub@vsnl.com) marked to the Chairman Awards Governing Council. No correspondence would be entertained after this. Only correspondence submitted with an original name and email id would be accepted. After Audit screening the feedback received could be put up to the jury in the second round of judging.
ABBY Awards 2017 is to be held at Goafest 2017 on 6, 7 and 8 of April. The awards adjudged by a renowned jury panel will see inspiring campaigns brought alive in the period from 1 January 2016 to 31 January 2017 being celebrated by the entire fraternity.
Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
