Amazon has moved NCLAT against Competition Commission’s order suspending its deal with Future

 

New Delhi: 

Amazon has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India’s (CCI) order that suspended the over two-year-old approval for its deal with Future Coupons Private Limited (FCPL), according to sources.

In December, fair trade regulator CCI had suspended the 2019 approval for Amazon’s deal to acquire a 49 per cent stake in FCPL, Future Retail Ltd’s promoter, while slapping a penalty of ₹ 202 crore on the e-commerce majoAmazon and Future have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020, arguing that FRL had violated their contract by entering into a del for the sale of its assets to billionaire Mukesh Ambani’s Reliance Retail on a slump sale basis for ₹ 24,713 crore.

The NCLAT is an appellate authority for the orders passed by the CCI.

According to sources, Amazon has moved the NCLAT and filed an appeal against the CCI order that was passed last month.

Emails sent to Amazon and Future did not elicit any response.

[“source=ndtv”]