NEW DELHI: NCLAT on Monday has adjourned till February 25 the hearing on Amazon’s plea seeking a stay on the Competition Commission of India’s order, which had suspended the 2019 approval for Amazon’s deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL).
In December 2021, the anti-trust agency had put into “abeyance” its 2019 approval for Amazon’s investment in Future Coupons (FCPL) and imposed a Rs 202 crore fine on the US company as it found that Amazon had withheld certain information concerning Amazon’s strategic interest in Future Retail. On January 9, Amazon approached the NCLAT, challenging the CCI order.
According to the CCI order, Amazon was asked to pay a fine of Rs 200 crore before February 16. However, post-Monday's hearing, the antitrust body has agreed to wait till the next hearing on February 25 before taking action.
A two-member bench decided to push the hearing to February 25 as one of the members is retiring in the next four days, according to sources. It was a week ago that the appellate tribunal had decided to take up the matter on Feb 14.
The dispute has been going on since the e-commerce giant dragged the latter to arbitration at SIAC in Oct 2020. Amazon argued that FRL violated their contract by entering into a deal for the sale of its assets to Reliance Retail for Rs 24,500 crore.
Puts stay on action for not paying Rs 200-cr fine
According to the CCI order, Amazon was asked to pay a fine of Rs 200 crore before February 16. However, post-Monday’s hearing, the antitrust body has agreed to wait till the next hearing.