The National Company Law Appellate Tribunal (NCLAT) has rejected Amazon’s appeal against Future Retail Limited. Amazon’s petition challenging Fair Trade Regulator’s (CCI) decision to suspend approval of e-commerce major agreement with Future Coupons has been rejected. Amazon was fined Rs 200 crore after the petition was rejected.
A two-judge bench comprising Justices M Venugopal and Ashok Kumar Mishra passed the order. The bench said that the CCI’s findings were correct and that Amazon should pay the fine of Rs 200 crore within 45 days. In December last year, the Competition Commission of India (CCI) suspended its approval in 2019 for Amazon’s deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL). The tribunal also observed that Amazon withheld information while seeking clearance for the transaction.
NCLAT observed that Amazon had not made direct disclosures of relevant facts and that NCLAT was strategically trying to protect their interests. In this regard, the NCLAT bench comprising Justices M Venugopal and Ashok Kumar Mishra said that it agrees with the position reached by the first respondent (CCI) of the tribunal.