The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed Amazon’s plea challenging the CCI order.
The CCI in its order suspended the approval of Amazon’s deal with Future Coupons.
A two-member bench of Justices M Venugopal and Ashok Kumar Mishra upheld the Competition Commission of India (CCI) decision and directed Amazon to pay Rs 200 crore levied on the e-commerce company by the fair trade regulator within 45 days from Monday. Pay the fine.
“This appellate tribunal is in complete agreement with the CCI,” the two-judge bench said.
In December last year, CCI suspended the approval granted by it in 2019 to Amazon’s deal to acquire 49 per cent stake in Future Coupons Pvt Ltd (FCPL) along with a fine of Rs 202 crore. Imposed.
Amazon had filed an appeal against it in the NCLAT. Future Coupons Limited (FCPL) is the promoter of Future Retail Limited (FRL). A legal battle has erupted between the two companies since Amazon took the matter to the Singapore Arbitration Center in October 2020.
Amazon says FRL has violated the investment agreement it entered into in 2019 with Reliance Group’s Reliance Retail for a sale deal worth Rs 24,713 crore.