Amazon appeals against CCI suspension of deal with Future Group
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10 January 2022, Mumbai:
Amazon has appealed against the suspension of its deal with the Future Group by the Competition Commission of India's at the National Company Law Appellate Tribunal (NCLAT).
The US e-commerce retailer also filed a special leave petition (SLP) in the Supreme Court against the staying of its proceedings in the Delhi court in an ongoing Singapore arbitration case between Amazon and Future Group until February, 1 citing ICICI's recent order.
Last month, the competition regulator suspended its earlier approval of Amazon's investment in Future Coupons a Kishore Biyani promoted firm. CCI said Amazon hadn't fully disclosed its interest in Future Retail when it sought clearance for the Rs 1,431-crore investment in FCPL.
Amazon, in its latest appeal, claimed that CCI does not have authority to unwind approval after 12 months and in case of any aberration, it attracts a maximum penalty of ₹5 crore. However, CCI ordered a penalty of ₹202 crore.
Amazon also appealed that abeyance or revoking was not a viable punishment given that CCI clearly stated requisite information was given by Amazon, but its interest in FRL should have been emphatically pointed, said a person aware of the development.
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