New Delhi: National Company Law Appellate Tribunal (NCLAT) has continued its order heroinePetition challenging the decision of regulatory CCI to suspend the clearance of the deal of the e-commerce major future coupons,
In December last year, the Competition Commission of India (CCI) suspended the approval given by it to acquire a 49 percent stake in Amazon’s deal in 2019. Future Coupons Pvt Ltd (FCPL).
The regulator had said that Amazon had concealed the information while seeking approval for the transaction and imposed a fine of Rs 202 crore on the company.
Who is the promoter of FCPL? Future Retail Limited (FRL).
Amazon opposes deal to sell FRL assets Reliance Retail As part of the Rs 24,713 crore deal, which has now been closed.
The deal was opposed by the e-commerce major on the grounds of a 2019 transaction, whereby it acquired 49 per cent stake in FCPL.
The NCLAT has concluded its hearing on Amazon’s plea after observing that all the parties have complied with its earlier directions issued in the last hearing on April 11 to file a revised note of submissions with relevant citations before the Registry. .
A two-member NCLAT bench of Justices M Venugopal and Ashok Kumar Mishra said on Monday, “The hearing on these three appeals has been completed, ‘the decision is reserved.”
Apart from Amazon’s plea, the appellate tribunal has reserved orders on two other petitions in the matter filed by Confederation of All India Traders (CAIT) and All India Consumer Products Distributors Federation (AICPDF).
In December last year, the Competition Commission of India (CCI) suspended the approval given by it to acquire a 49 percent stake in Amazon’s deal in 2019. Future Coupons Pvt Ltd (FCPL).
The regulator had said that Amazon had concealed the information while seeking approval for the transaction and imposed a fine of Rs 202 crore on the company.
Who is the promoter of FCPL? Future Retail Limited (FRL).
Amazon opposes deal to sell FRL assets Reliance Retail As part of the Rs 24,713 crore deal, which has now been closed.
The deal was opposed by the e-commerce major on the grounds of a 2019 transaction, whereby it acquired 49 per cent stake in FCPL.
The NCLAT has concluded its hearing on Amazon’s plea after observing that all the parties have complied with its earlier directions issued in the last hearing on April 11 to file a revised note of submissions with relevant citations before the Registry. .
A two-member NCLAT bench of Justices M Venugopal and Ashok Kumar Mishra said on Monday, “The hearing on these three appeals has been completed, ‘the decision is reserved.”
Apart from Amazon’s plea, the appellate tribunal has reserved orders on two other petitions in the matter filed by Confederation of All India Traders (CAIT) and All India Consumer Products Distributors Federation (AICPDF).