New Delhi, June 13 (Ajit Weekly News) The National Company Law Appellate Tribunal on Monday upheld the December 2021 order of the Competition Commission of India (CCI) that suspended its earlier order approving Amazon’s deal with Future Coupons, a Future Group entity, and imposed a Rs 202 crore fine on the e-commerce major.
The e-commerce giant Amazon had approached the NCLAT to challenge the CCI’s December 2021 decision.
In the December 17, 2021 order, the regulator had said an approval granted to Amazon to acquire a 49 per cent stake in Future Coupons would stand in abeyance, as the firm suppressed information while seeking the clearance.
The CCI’s order came after complaints filed by Future Retail’s independent directors and the industry body Confederation of All India Traders (CAIT).
Besides, the NCLAT also upheld the Rs 200 crore fine imposed on the e-commerce firm for non-disclosure of relevant information and granted the company 45 days to pay the same.
–Ajit Weekly News