SUMMARY
The SC bench has scheduled the next hearing in the matter on September 19
The bench also issued a notice to the Confederation of All India Traders (CAIT), which opposed the deal between Amazon and Future Group, in the matter
Amazon had moved SC against the NCLAT’s order upholding the CCI’s decision to suspend INR 1,400-Cr deal between Amazon and Future Coupons
The Supreme Court on Monday reportedly issued a notice to the Competition Commission of India (CCI) and the Future Group while hearing US-based ecommerce giant Amazon’s plea against the National Company Law Appellate Tribunal’s (NCLAT’s) order.
The Supreme Court bench of Justices Dinesh Maheshwari and Bela M. Trivedi has scheduled the next hearing in the matter on September 19, news agency IANS reported.
The bench also issued a notice to the Confederation of All India Traders (CAIT), which opposed the deal between Amazon and Future Group, in the matter.
In June, the NCLAT upheld the CCI’s decision to suspend an INR 1,400-Cr deal between Amazon and Future Coupons, which holds a 9.8% stake in Future Retail, and imposed a fine of INR 200 Cr on the ecommerce company. Following this, Amazon approached the apex court in July this year.
In December last year, the CCI temporarily suspended Amazon’s stake acquisition in Future Coupons on the grounds that the ecommerce giant had concealed facts from the competition watchdog. Following this, Amazon moved NCLAT, which upheld the CCI’s decision.
Amazon has been involved in a legal battle with Reliance Retail and Future Group for over two years now. The US-based company tried to block the $3.4 Bn Future Retail-Reliance Retail deal citing its indirect stake in the Future Group company. The CCI’s order came as a blow to Amazon.
However, the deal between Reliance Retail and Future Retail failed as a majority of secured creditors of the debt-ridden company voted against it.
Currently, arbitration proceedings between Amazon and Future Group are going on in the Singapore International Arbitration Centre (SIAC), while cases are also pending in India against interim orders passed by SIAC.
