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The National Company Law Appellate Tribunal (NCLAT) on Monday, 13 June, rejected Amazon's plea challenging the decision of fair trade regulator Competition Commission of India (CCI) to suspend the approval for the e-commerce major's deal with Future Coupons.
A two-member bench comprising Justice M Venugopal and Ashok Kumar Mishra, upheld the findings of the CCI and directed it to pay the penalty of Rs 200 crore imposed on Amazon by the fair trade regulator within 45 days from Monday.
In December last year, CCI had suspended the approval given by it in 2019, for Amazon's deal to acquire a 49 percent stake in Future Coupons Pvt Ltd (FCPL).
The regulator had said that Amazon suppressed information while seeking clearances for the transaction back then and also slapped a fine of Rs 202 crore on the company.
FCPL is a promoter of Future Retail Ltd (FRL).
The deal was opposed by the e-commerce major on the basis of its 2019 transaction, whereby it had acquired the 49 per cent stake in FCPL.
NCLAT concluded its hearing in April this year, over Amazon's plea. All parties had filed revised notes of submissions along with relevant citations before the registry.
FRL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.
The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April.
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