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NCLAT refuses to grant interim relief to Amazon, but will hear the appeal

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Highlights

  • tribunal asks cci and fcpl to respond in next 10 days
  • The Competition Commission has suspended the approval given to the Future Retail deal in 2019
  • Along with this, a heavy fine of Rs 202 crore was imposed on the e-commerce company Amazon.

New Delhi. The National Company Law Appellate Tribunal (NCLAT) on Thursday refused any interim relief to e-commerce giant Amazon in its plea challenging the CCI order. But hearing the appeal, issued notices to CCI and Future Coupons. The CCI, in its order, has suspended the more than two-year-old approval given to the deal with Future Group company Future Coupons Pvt Ltd (FCPL). The appellate tribunal has asked CCI and FCPL to respond within the next ten days and Amazon to respond to it.

Next hearing will be on February 2

The NCLAT will now hear the matter on February 2. Amazon’s plea was heard by a two-member bench of Justice M Venugopal and Justice VP Singh. The Competition Commission last month suspended its 2019 approval to Amazon’s deal to buy a 49 per cent stake in Future Retail’s promoter Future Coupons Pvt. Along with this, a fine of Rs 202 crore was imposed on the e-commerce company. While suspending the deal, the CCI had said that the US e-commerce company withheld information while applying for approval.

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Salman Sahr

Salman is a journalist at UsamaSpeaks.com and he deals with Latest News, World News, and Business News. Salman is a very professional and authentic news journalist.

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