New Delhi: National Company Law Appellate Tribunal ,NCLAT) on Thursday issued notices on a petition filed by e-commerce major Amazon, challenging a recent order passed by fair trade regulator CCI, which had imposed more than two years for its deal with Future Coupons Pvt Ltd (FCPL). Old approval suspended. The appellate tribunal has directed the Competition Commission of India (CCI) and the FCPL to file their replies within the next 10 days and Amazon to file its response.
It has directed to list the matter for next hearing on February 2.
Meanwhile, a two-member bench of principal bench comprising Justices M Venugopal and VP Singh has also directed Amazon to file a convenient compilation of the larger petition filed for the purpose of its decision.
It has also directed other parties to file a brief note of submission.
The bench said that it wants the petition to be completed before taking any decision to stay the penalty of Rs 202 crore imposed on the parties.
NCLAT is an appellate authority for orders passed by CCI.
In December, the fair trade regulator suspended its 2019 approval for Amazon’s deal to acquire 49 per cent stake in FRL’s promoter Future Coupons Pvt Ltd (FCPL), slapping Rs 202 crore on the e-commerce major Was.
Last month, the CCI suspended the Amazon-FCPL deal after the US e-commerce major suppressed information while seeking approval for the transaction at the time.
The CCI, in a 57-page order, had said that the approval for the Amazon-Future coupon deal would remain suspended.
Amazon and Future are locked in a bitter legal tussle after the US e-commerce giant was dragged Future Group to arbitration at the Singapore International Arbitration Center (SIAC) in October 2020, arguing that the FRL had flouted their contract by entering into a deal for the sale of its assets to billionaire Mukesh Ambani’s Reliance Retail on the basis of a slump for Rs 24,713 crore. was violated.
Recently, Future Retail had also approached SIAC to stay the arbitration proceedings based on the order passed by the CCI.
However, the SIAC rejected the petition.
Subsequently, Future Group approached the Delhi High Court, where a division bench on January 5 stayed the proceedings in SIAC on January 5-8.
Amazon has also challenged this order in the Supreme Court.
SIAC is ruling on Amazon’s objections against Future Group’s Rs 24,713 crore deal, Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd, announced in August 2020 for sale of retail and wholesale business and logistics and warehousing business Went.
It has directed to list the matter for next hearing on February 2.
Meanwhile, a two-member bench of principal bench comprising Justices M Venugopal and VP Singh has also directed Amazon to file a convenient compilation of the larger petition filed for the purpose of its decision.
It has also directed other parties to file a brief note of submission.
The bench said that it wants the petition to be completed before taking any decision to stay the penalty of Rs 202 crore imposed on the parties.
NCLAT is an appellate authority for orders passed by CCI.
In December, the fair trade regulator suspended its 2019 approval for Amazon’s deal to acquire 49 per cent stake in FRL’s promoter Future Coupons Pvt Ltd (FCPL), slapping Rs 202 crore on the e-commerce major Was.
Last month, the CCI suspended the Amazon-FCPL deal after the US e-commerce major suppressed information while seeking approval for the transaction at the time.
The CCI, in a 57-page order, had said that the approval for the Amazon-Future coupon deal would remain suspended.
Amazon and Future are locked in a bitter legal tussle after the US e-commerce giant was dragged Future Group to arbitration at the Singapore International Arbitration Center (SIAC) in October 2020, arguing that the FRL had flouted their contract by entering into a deal for the sale of its assets to billionaire Mukesh Ambani’s Reliance Retail on the basis of a slump for Rs 24,713 crore. was violated.
Recently, Future Retail had also approached SIAC to stay the arbitration proceedings based on the order passed by the CCI.
However, the SIAC rejected the petition.
Subsequently, Future Group approached the Delhi High Court, where a division bench on January 5 stayed the proceedings in SIAC on January 5-8.
Amazon has also challenged this order in the Supreme Court.
SIAC is ruling on Amazon’s objections against Future Group’s Rs 24,713 crore deal, Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd, announced in August 2020 for sale of retail and wholesale business and logistics and warehousing business Went.
,