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Asia

India's Food Regulator Takes Action Against E-Commerce Platforms Over Misleading Claims, Misbranding

The Food Safety and Standards Authority of India initiated penal action against Amazon, Swiggy's (NSE:SWIGGY, BOM:544285) Instamart, Bigbasket, Flipkart India and Zepto for alleged food safety and regulatory non-compliance, according to a Wednesday social media post.The action covers misleading or non-compliant claims and the sale, display, or offering for sale of prohibited or poisonous food articles through e-commerce platforms, FSSAI said.Amazon Seller Services and Swiggy Instamart were cited over Happilo Premium Date Bites, while both platforms also face action over the sale and display of Datura fruits or seeds.Swiggy Instamart additionally faces action over Milky Mist (NSE:MILY) dairy products, including fresh low-fat cream, farm-fresh curd and Greek yogurt.Meanwhile, Flipkart India was cited over Happilo Premium Date Bites.Amazon, Flipkart India, Swiggy Instamart, Bigbasket and Zepto did not immediately respond to' request for comment.

BOM:544285NSE:MILYNSE:SWIGGY
Asia

Milky Mist Trims India IPO Size After Temasek Stake Sale

Milky Mist Dairy Food cut the size of its initial public offering to 15.5 billion rupees after selling a 5.16% stake to a unit of Singapore state investor Temasek in pre-initial public offering transactions, according to its red herring prospectus on Tuesday.The dairy products maker had initially targeted an offering of 20.4 billion rupees.Under the revised structure, the offering comprises a fresh issue of 14.3 billion rupees and an offer for sale of 1.25 billion rupees by founders Sathishkumar T and Anitha S.Temasek's unit acquired the stake in April through a 3.57 billion-rupee investment in the company's shares and compulsorily convertible preference shares, along with 1.25 billion rupees worth of shares purchased from the founders, the prospectus showed.The listing will open for subscription from Aug. 11 to Aug. 13, with anchor investor bidding scheduled for Aug. 10.Shares are expected to list on the BSE and the National Stock Exchange on Aug. 18.

NSE:MILY

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