Amazon moves NCLAT against Competition Commission’s order suspending its deal with Future
New Delhi:
Amazon has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the order of the Competition Commission of India (CCI), which suspended its more than two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL). Is. ,
In December, fair trade regulator CCI suspended its 2019 approval for Amazon’s deal to acquire 49 per cent stake in Future Retail Ltd promoter FCPL, slapping Rs 202 crore on the e-commerce major.
Amazon and Future have been locked in a bitter legal tussle after US e-commerce giant Future Group dragged Future Group to arbitration at the Singapore International Arbitration Center (SIAC) in October 2020, arguing that FRL had struck a deal. had breached their contract by entering. Billionaire Mukesh Ambani’s sale of his assets to Reliance Retail for Rs 24,713 crore on bearish grounds.
NCLAT is an appellate authority for orders passed by CCI.
According to sources, Amazon has moved the NCLAT and filed an appeal against the CCI order passed last month.
Emails sent to Amazon and Future did not elicit any response.
Last month, the CCI suspended the Amazon-FCPL deal after the US e-commerce major suppressed information while seeking approval for the transaction at the time.
In a 57-page order, the CCI had said that the approval of the Amazon-Future coupon deal “will remain suspended”.
Recently, Future Retail had also approached SIAC (Singapore International Arbitration Centre) to stay the arbitration proceedings based on the order passed by the CCI. It had also approached the Delhi High Court after the SIAC refused to stay the arbitration proceedings scheduled for January 5-8.
SIAC is adjudicating on Amazon’s objections against Future Group’s Rs 24,713 crore deal with Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd, announced in August 2020 through the sale of retail and wholesale business and logistics and warehousing business. was taken for
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