IANS | 13 Jun, 2022
The National Company Law Appellate Tribunal on Monday upheld the
December 2021 order of the Competition Commission of India (CCI) that
suspended its earlier order approving Amazon's deal with Future Coupons,
a Future Group entity, and imposed a Rs 202 crore fine on the
e-commerce major.
The e-commerce giant Amazon had approached the NCLAT to challenge the CCI's December 2021 decision.
In
the December 17, 2021 order, the regulator had said an approval granted
to Amazon to acquire a 49 per cent stake in Future Coupons would stand
in abeyance, as the firm suppressed information while seeking the
clearance.
The CCI's order came after complaints filed by Future
Retail's independent directors and the industry body Confederation of
All India Traders (CAIT).
Besides, the NCLAT also upheld the Rs
200 crore fine imposed on the e-commerce firm for non-disclosure of
relevant information and granted the company 45 days to pay the same.
