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- Amazon Future Deals | CCI suspends 2019 Future Coupon node. US retailer fined Rs 200 crore
New Delhi3 minutes ago
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The Competition Commission of India (CCI) on Friday suspended Amazon’s deal with Future Coupons in 2019. Future Coupons is the holding company of the Future Group. Amazon has also been fined Rs 200 crore for hiding information during regulatory approval. The CCI, in its 57-page order, said it is necessary to re-examine the deal.
Future Coupons Pvt Ltd (FPCL) and Confederation of All India Traders (CAIT) allege that Amazon’s 49% stake in FPCL was intended to indirectly control Future Retail Ltd, which it did not disclose. The CCI also said in its order, “Amazon concealed its real purpose of the deal and made false and false statements to the agreement.”
Reliance Retail had announced the acquisition of Future Group’s retail, wholesale and logistics business for Rs 24,713 crore. Since then this controversy has been going on.
When – what happened?
2019
- August 2019: Amazon bought 49% stake in Future Coupons for Rs 1,500 crore. Future Coupons holds a 7.3% stake in Future Retail. Because of this, Amazon indirectly got a 3.58% stake in Future Retail.
Reliance Retail had announced the acquisition of Future Group’s retail, wholesale and logistics business for Rs 24,713 crore.
2020
- August 29: Future Retail Board approves Reliance Retail deal. It was told that Reliance Retail will buy Future Group’s retail, wholesale and logistics business for Rs 24,713 crore.
- October 9: Amazon reaches Singapore International Arbitration Center objecting to the Future-Reliance retail deal.
- October 25: The Singapore Emergency Arbitrator (SIAC) put a stay on the deal between Reliance and Future.
- November 7: Future Group files petition seeking to stop Amazon’s interference in the Reliance-Future deal.
- November 20: The deal gets the approval of the Competition Commission of India.
- December 21: Single Bench of Delhi High Court refuses to stay the deal.
2021
- January 6: SIAC constitutes three-member panel to pass final verdict.
- January 13: Division Bench of Delhi High Court issues notice to Future Retail on Amazon’s plea.
- January 20: The Securities and Exchange Board of India (SEBI) approves the Reliance-Future Retail deal.
- February 2: Single Bench of Delhi High Court orders status quo on Future Retail-Reliance Group deal.
- February 3: Future Retail opposes the status quo order before a 2-judge bench in Delhi HC.
- February 8: The two-judge bench revokes the status quo order of the single bench on the Future Retail-Reliance Retail deal.
- February 11: Amazon moves Supreme Court to challenge Delhi High Court’s orders to lift status quo.
- February 12: National Law Tribunal (NCLT) hears Future Group’s plea to convene a shareholder meeting to clear the deal with Reliance and reserves order.
- February 22: Supreme Court allows Future Retail to proceed with the petition filed with the NCLT. The court also issued notice to Future Retail on Amazon’s plea seeking status quo.
- March 18: Single Bench of Delhi High Court stays Future Retail-Reliance Retail deal. Biyani’s assets were also asked to be attached. The order of the Single Bench came on Amazon’s appeal to implement the order issued by SIAC on 25 October 2020.
- March 18: SC says it will hear Amazon’s plea in the last week of April.
- March 20: Future Group challenges the order to stay the deal and attach Biyani’s assets.
- March 22: Delhi HC stays Biyani’s order to attach assets.
- May 19: Reliance Retail Ventures moves NCLT, seeks permission to hold shareholder meeting.
- June 22: NCLT reserves order on Reliance Retail’s plea to convene a shareholding meeting.
- July 12-17: Final hearing of SIAC on Amazon’s plea against the deal.
- July 20: Supreme Court begins hearing on Amazon’s plea to put a stay on the Future-Reliance retail deal.
- July 29: Supreme Court reserves order on Amazon’s plea to ban Future Retail’s sale.
- August 6: The Supreme Court ruled in favor of Amazon.
- October 21: Future Retail says SIAC has rejected the company’s plea to lift the interim stay on the deal with RIL.
- December 17: CCI fines Amazon Rs 200 crore. Suspended the 2019 Amazon-Future deal.
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