US e-commerce giant Amazon has moved the National Company Law Appellate Tribunal (NCLAT) challenging the CCI order that suspended the over two-year-old approval for its deal with Future Coupons Pvt Ltd, a report said.
In December, Competition Commission of India (CCI) suspended the 2019 approval for Amazon’s deal to acquire a 49-per cent stake in Future Coupons Pvt Ltd (FCPL), Future Retail Ltd’s promoter, while slapping a penalty of Rs 202 crore on the e-commerce major.
Locked in a bitter legal tussle, Amazon giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020, arguing that FRL had violated their contract by entering into a deal for the sale of its assets to billionaire Mukesh Ambani’s Reliance Retail on a slump sale basis for Rs 24,713 crore.
According to Free Press Journal, Amazon has moved the NCLAT and filed an appeal against the fair trade regulator order that was passed last month.
Recently, Future Retail had also approached SIAC (Singapore International Arbitration Centre) to stay the arbitration proceedings based on the order passed by the CCI.
