Amazon India has moved the Supreme Court of India challenging the National Company Law Appellate Tribunal (NCLAT) order which upheld the Competition Commission of India (CCI) order suspending the approval for their investment in Future Group.
Amazon has challenged the Competition Commission's findings that necessary disclosures had not been made. The e-commerce giant is likely to argue that all relevant details had been placed before the CCI to secure future approval for the investment.
In 2021 December, CCI suspended Amazon's 49 percent stake buy approval in Future Coupons Pvt Ltd (FCPL), the promoter of the Future Group and imposed a fine of Rs 200 crore. A month back, in June, NCLAT upheld this order and penalty.
The CCI had said Amazon suppressed information while seeking clearances for the transaction.
Amazon had opposed Future Retail's deal to sell assets to Reliance Retail based on its 2019 acquisition of FCPL stake. The Rs 24,713-crore Future Retail and Reliance Retail deal which was eventually called off in April.
Future Retail was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.
(Edited by : Abhishek Jha)
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