MUMBAI: The National Company Law Appellate Tribunal (NCLAT) will on February 14 hear Amazon’s plea seeking a stay on the December 17 order of the Competition Commission of India (CCI) that had sought to acquire 49% stake in future. For 2019, Amazon’s approval for the deal was suspended. Coupons Pvt Ltd (FCPL), promoter of Future Retail. it also fined 202 crore on the US e-commerce major.
Justice M. Venugopal said that due to paucity of time, the tribunal will now hear the matter on February 14.
On January 9, Amazon approached the NCLAT challenging the CCI order.
The anti-trust watchdog’s order said Amazon tried to “suppress and misrepresent” the facts of the deal. However, it did give Amazon time to seek fresh approval for the deal.
Earlier, a tribunal headed by Justices M. Venugopal and VP Singh had asked the CCI to file its reply on Amazon within 10 days of hearing. CCI’s counsel told today that it has filed a reply in the matter.
Future and Amazon have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Center in October 2020, arguing that Future Retail had sold its had breached his contract by entering into a deal. Billionaire Mukesh Ambani’s Reliance Retail’s wealth based on recession 24,713 crores.
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