Amazon-Future Group row: Supreme Court to hear matter on September 19
The Supreme Court on Monday issued notices to the parties in a plea by Amazon challenging the National Company Law Appellate Tribunal (NCLAT) order suspending Amazon’s investment in the Future group in 2019.
The apex court also issued notice to the Confederation of All India Traders (CAIT), which opposed Amazon’s deal with the Future group. It also asked parties in the case to file short notes within a week.
The NCLAT, on June 13, upheld the order of CCI on December 17, 2021, not to give a nod to Amazon for its 49 per cent stake in Future Coupons Private Limited (FCPL). FCPL is the promoter of Future Retail.
The appellate tribunal had upheld the order of the competition watchdog, imposing a fine of Rs 200 crore on Amazon.
The company was asked to pay the fine for non-disclosure of information on combinations under the Competition Act 2002. CCI had submitted before the NCLAT that Amazon was required to clarify the ‘economic’ and ‘strategic purpose’ of the proposed investment.
“Amazon had misrepresented the scope and purpose of the proposed combination,” CCI had said before the NCLAT.
Amazon had argued that it had submitted all the documents regarding the investment before the CCI. Siding with the CCI, the NCLAT ruled that Amazon had not made a full disclosure about its strategic interest in Future Retail.