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Supreme Court defers hearing Amazon’s plea against CCI order suspending approval for Future Group investment

Supreme Court defers hearing Amazon’s plea against CCI order suspending approval for Future Group investment

Supreme Court defers hearing Amazon’s plea against CCI order suspending approval for Future Group investment
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By Anand Singha  Oct 20, 2022 5:56:01 PM IST (Published)

Earlier, Amazon filed a petition with the Supreme Court after the National Company Law Appellate Tribunal (NCLAT) backed the CCI's decision to defer its approval of Amazon's deal with the Future Group.

The Supreme Court on Thursday deferred hearing Amazon's plea against the Competition Commission of India's (CCI) ruling suspending approval for the e-commerce giant's 2019 deal investment in Future group.

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The matter will now be heard in court on January 10.
Earlier, Amazon had filed a petition with the Supreme Court after the National Company Law Appellate Tribunal (NCLAT) backed the CCI's decision to defer its approval of Amazon's deal with the Future Group.
In December 2021, CCI suspended Amazon's 49 percent share acquisition clearance in Future Coupons Pvt Ltd (FCPL), the promoter of the Future Group.
Amazon was fined Rs 200 crore by the anti-trust tribunal for failing to disclose relevant and crucial information on its 2019 investment arrangement with FCPL.
The company, however, claimed that it made all required disclosures and committed no violation. The e-commerce giant had challenged the NCLAT verdict in the country's top court.
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 one of 19 group firms in retail, wholesale, logistics, and warehousing that were to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020.
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