SC Notice To CCI, Future Group Regarding Amazon Plea Challenging NCLAT Order
A notice has been issued by the Supreme Court today regarding a plea by Amazon which challenged the National Company Law Appellate Tribunal (NCLAT) order upholding the decision to keep the share subscription agreement (SSA) between Amazon and Future Coupons Pvt Ltd (FCPL) in abeyance.
The notice was issued to Future Group by the bench of Justices Dinesh Maheshwari and Bela M. Trivedi. September 19th has been fixed as the day for a detailed hearing of the matter, by the Competition Commission of India.
SC also issued a notice to the Confederation of All India Traders (CAIT), which had opposed Amazon's deal with the Future group. SC has asked the parties to file short notes on the same within a week.
In July, Amazon moved the top court challenging the NCLAT order.
On June 13th, the NCLAT stated that Amazon had failed to make fair, frank, and forthright disclosures related to the deal. It upheld the order by CCI for alleged non-disclosures by Amazon, and it directed Amazon to deposit a penalty of Rs 200 crore.
In 2021 December a penalty of Rs. 200 crore was imposed as a penalty on Amazon by the CCI. It had also suspended its approval for the e-tailer's deal with Future Coupons. NCLAT had been at par with the CCI on the fact that Amazon furnished limited disclosures about its acquisition of strategic rights and interests in Future Retail Ltd.
