Future-RIL deal: NCLAT agrees to hear Amazon’s appeal against CCI – World Affairs SRS

Future-RIL deal: NCLAT agrees to hear Amazon’s appeal against CCI

– World Affairs SRS

The National Company Law Appellate Tribunal (NCLAT) has agreed to hear US e-commerce firm Amazon’s plea seeking suspension of the Competition Commission of India’s (CCI) approval for 2019 transactions with Future Group on February 2. has been challenged.

The appellate tribunal has directed CCI and Future Coupons Pvt Ltd (FCPL) to file their replies in the next 10 days and Amazon to file their response.

Sources said that Amazon made several arguments in its petition to the NCLAT, which states that the deal with Future was done in April 2019, and the complaint was filed at the end of 2021 and, as per law, the CCI has to clear the transaction. Didn’t have the right to open. after 12 months. The e-commerce firm has also argued that the penalty imposed by the CCI was much higher than that imposed in the previous cases.

In December last year, CCI suspended Amazon’s 2019 deal with Future Retail worth Rs 1,500 crore, citing the company’s alleged intentional design to suppress information about the scope and purpose of the deal. The antitrust regulator fined Amazon Rs 200 crore within 60 days of receiving the order.

This month, Amazon filed a legal challenge in the NCLAT against the CCI suspension of the e-commerce firm’s 2019 deal of Future Retail (FRL). Parallelly, Amazon’s Indian unit also approached the Supreme Court against a stay on an arbitration case against the sale of Future Retail (FRL) assets to Reliance Industries (RIL).

The Confederation of All India Traders (CAIT), representing around 70 million merchants, said the NCLAT has also refused to grant interim relief to Amazon and stay the CCI order. It said that in December 2021, the CCI held that Amazon misled, did not make full disclosure, and suspended approval granted to Amazon.

“Having made all required disclosures, CCI was informed of Amazon’s protective rights over Future Retail. Trying to use the CCI order to stall future arbitration proceedings,” CAIT said of Amazon’s argument to the NCLAT.

The CAT appeal was listed along with two appeals, each filed by Amazon and the All India Consumer Products Distributors Federation.

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