NCLAT admits Amazon’s plea against CCI order on Future Coupons

Industry:    4 months ago

The National Company Law Appellate Tribunal (NCLAT) on Thursday admitted Amazon’s plea challenging the Competition Commission of India’s (CCI) order which had suspended its earlier approval of the American behemoth’s investment in Future Coupons.

The NCLAT also issued notices to the CCI and Future Group and refused to give any interim relief. The next hearing will be on February 2.

The long drawn legal battle between Amazon and Future Group took a turn when the CCI suspended its earlier approval of Amazon’s investment in Future Coupons on the grounds that the ecommerce firm did not make full disclosures.

The dispute arose after Amazon approached the Singapore International Arbitration Centre (SIAC) alleging breach of contract by the flagship Future Retail Ltd (FRL) when it sold its retail assets to rival Reliance Retail.

The two companies since then have filed several cases in various courts including the Delhi High Court, the Supreme Court and SIAC.

The Future Group on Tuesday requested the Supreme Court to let it proceed with the deal to sell its retail assets to Reliance Retail until the final order. The apex court has reserved its order.