TIL Desk/Business/New Delhi/ The National Company Law Appellate Tribunal (NCLAT) on Monday rejected Amazon’s plea challenging the decision of fair trade regulator CCI to suspend the approval for the e-commerce major’s deal with Future Coupons.
A two-member bench comprising Justice M Venugopal and Ashok Kumar Mishra, upheld the findings of the Competition Commission of India (CCI) and directed it to pay the penalty of Rs 200 crore imposed on Amazon by the fair trade regulator within 45 days from Monday.
“This appellate tribunal is in complete agreement” with the CCI, the two-member bench said. In December last year, CCI had suspended the approval given by it in 2019, for Amazon’s deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL).
The regulator had said that Amazon suppressed information while seeking clearances for the transaction back then and also slapped a fine of Rs 202 crore on the company. FCPL is a promoter of Future Retail Ltd (FRL).
