You are here: Home » Current Affairs » News
Business Standard

NCLAT reserves its order on Amazon's plea challenging CCI ruling

NCLAT has reserved its order on Amazon's plea challenging the decision of regulator CCI to suspend approval for the e-commerce major's deal with Future Coupons.

Topics
NCLAT | Amazon | CCI

Press Trust of India  |  New Delhi 

ibc
In December last year, Competition Commission of India (CCI) suspended the approval given by it in 2019 for Amazon's deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd

The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Amazon's plea challenging the decision of regulator to suspend approval for the e-commerce major's deal with Future Coupons.

In December last year, Competition Commission of India (CCI) suspended the approval given by it in 2019 for Amazon's deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL).

The regulator had said that 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).

had opposed FRL's deal to sell assets to Reliance Retail as part of a Rs 24,713 crore deal, which has now been called off.

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.

has concluded its hearing on the Amazon's plea after observing that all parties have complied with its earlier directions issued in the last hearing on April 11 to file revised notes of submissions along with relevant citations before the registry.

"Hearing is concluded in all these three appeals 'judgment' is reserved," a two-member bench of NCLAT, comprising Justice M Venugopal and Ashok Kumar Mishra, said on Monday.

Apart from Amazon's plea, the appellate tribunal has reserved the order on two other petitions in the matter filed by Confederation of All India Traders (CAIT) and All India Consumer Products Distributors Federation (AICPDF).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, April 26 2022. 22:55 IST
RECOMMENDED FOR YOU