NCLAT declines to give Amazon interim relief in Future Coupons case
The National Company Law Appellate Tribunal has ruled to refuse to give Amazon relief in its ongoing challenge against the Competition Commission of India which had suspended its Future Coupons deal.
On January 13, the NCLAT’s hearing was carried out with a two-member bench of Justice M Venugopal and V P Singh, the Economic Times reported. Amazon India had requested relief against its fine, issued by the CCI, but this was denied.
The NCLAT tribunal did, however, decide to schedule another hearing on the matter for February 2. The organisation gave the CCI, Future Group, and others a period of 10 days in which to file a reply with them ahead of the upcoming hearing.
In December, 2021, Amazon India had approached the NCLAT to contest the CCI order which had penalised it Rs 202 crore ($30.4 million) for allegedly suppressing information while it was applying for clearances for its planned Future Coupons transaction.
Amazon had acquired a 49% stake in Future Retail in 2019 for Rs 1,500 crore but the CCI believed this was illegal under foreign direct investment regulations, Business Today reported. The case has raised questions on the acceptable roles of foreign-owned businesses in India’s e-commerce sphere ahead of the Union Government’s upcoming e-commerce regulations.
Copyright © 2022 FashionNetwork.com All rights reserved.