Amazon challenges decision to suspend deal with Future Coupons, NCLT reaches against CCI’s order

Amazon has filed an appeal in the National Company Law Tribunal (NCLT) against the Competition Commission of India’s (CCI) order setting aside its deal with Future Coupons Pvt Ltd nearly two years ago.

Amazon has filed an appeal in the National Company Law Tribunal (NCLT) against the Competition Commission of India’s (CCI) order setting aside its deal with Future Coupons Pvt Ltd nearly two years ago.

Amazon has filed an appeal in the National Company Law Tribunal (NCLT) against the Competition Commission of India’s (CCI) order setting aside its deal with Future Coupons Pvt Ltd nearly two years ago. The Competition Commission had in December suspended approval for e-commerce giant Amazon’s deal with Future Coupons. Along with this, a fine of Rs 202 crore was also imposed on Amazon.

CCI approved Amazon’s deal in November 2019 to buy 49 per cent stake in Future Coupons. NCLAT is the appellate authority for orders passed by CCI. According to the report, Amazon has filed an appeal in the NCLAT against the CCI’s order last month.

E-mails sent to Amazon and Future in this regard did not elicit any response. Future Coupons Limited (FCPL) is the promoter of Future Retail Limited (FRL).

Amazon took the matter to the Singapore Arbitration Center in October 2020 and since then a legal battle has broken out between the two companies. Amazon says that FRL has violated the investment agreement signed with Reliance Retail in 2019 by entering into a sales deal worth Rs 24,713 crore with Reliance Retail.

What is the whole matter?

The apex court’s judgment of September 9 directed statutory entities such as NCLT, Competition Commission of India (CCI) and Securities and Exchange Board of India (SEBI) to take all proceedings in relation to the proposed Rs 25,000-crore deal between Future Group and Reliance Retail. was instructed to stop. Now Amazon is asking to stay the NCLT order. Along with this, the company is also asking the Supreme Court to stay the proposed meetings of Future Retail Limited on November 10 and 11, for which the Indian retail company had issued notices on October 11.

Allowing the application of the Kishor Biyani-owned group, the division bench had refused an oral application by Amazon’s counsel seeking a stay on the order for a week.

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