Supreme Court slaps notice on CCI, Future Group
Apex court to hear the matter on Sept 19; Amazon has challenged NCLAT order which upheld decision to keep share subscription agreement between Amazon and FCPL in abeyance
SC upholds Art 370, demonetisation in this year’s historic verdicts
Crux of the issue
• The legal battle between Future Group and Amazon is in connection with the sale of Future's retail assets to Mukesh Ambani's Reliance Industries Ltd for Rs 24,713 crore
• The Future Retail-Reliance Retail deal has been called off by Reliance Industries
New Delhi: The Supreme Court on Monday issued notice on a plea by Amazon challenging the National Company Law Appellate Tribunal (NCLAT) order which upheld the decision to keep share subscription agreement (SSA) between Amazon and Future Coupons Pvt Ltd (FCPL) in abeyance.
A bench of Justices Dinesh Maheshwari and Bela M Trivedi issued notice to Future Group and the Competition Commission of India and scheduled the matter for detailed hearing on September 19.
The top court also issued notice to the Confederation of All India Traders (CAIT), which opposed Amazon's deal with the Future group and asked parties to file short notes within a week. Amazon had moved the top court in July, challenging the NCLAT order. The NCLAT, on June 13, had said Amazon had failed to make fair, frank, and forthright disclosures related to the deal. The tribunal upheld the CCI's order for alleged non-disclosures by Amazon, and directed it to deposit a penalty of Rs 200 crore as penalty.
In December last year, the CCI had imposed a penalty of Rs 200 crore on Amazon and suspended its approval for the e-tailer's deal with Future Coupons, a promoter firm of the group's public listed company Future Retail Ltd, seeking more information. The tribunal completely agreed with the CCI that Amazon furnished limited disclosures about its acquisition of strategic rights and interests in Future Retail Ltd. The legal battle between Future Group and Amazon is in connection with the sale of Future's retail assets to Mukesh Ambani's Reliance Industries Ltd for Rs 24,713 crore. The Future Retail-Reliance Retail deal has been called off by Reliance Industries.
