NCLAT Reserves Order on Amazon’s Advocacy Against TCC Ruling, Marketing & Advertising News, ET BrandEquity

0
Amazon had opposed FRL’s deal to sell assets to Reliance Retail in a Rs 24,713 crore deal, which has now been rescinded. (Courtesy of iStock)

The National Company Law Appeal Tribunal (NCLAT) has reserved its order on Amazon’s plea challenging regulator CCI’s decision to suspend approval of the e-commerce major’s deal with Future Coupons.

In December last year, India’s Competition Commission (ICC) suspended its 2019 approval of Amazon’s deal to acquire a 49% stake in Future Coupons Pvt Ltd ( FCPL). The regulator had said Amazon deleted information when seeking clearances for the transaction at the time and also fined the company Rs 202 crore. FCPL is a promoter of Future Retail Ltd (FRL).

Amazon had opposed FRL’s deal to sell assets to Reliance Retail in a Rs 24,713 crore deal, which has now been rescinded.

The deal faced opposition from the e-commerce major based on its 2019 deal in which it acquired the 49% stake in FCPL.

The NCLAT concluded its hearing on Amazon’s plea after observing that all parties complied with its previous instructions issued at the last hearing on April 11 to file revised bid notes along with relevant citations with the Registry. . “The hearing is over in these three appeals, ‘judgment’ is reserved,” a two-member NCLAT bench, consisting of Judge M Venugopal and Ashok Kumar Mishra, said on Monday.

Besides Amazon’s plea, the appellate court reserved the order on two other motions in the case filed by the Confederation of All Indian Traders (CAIT) and the Federation of Consumer Products Distributors of India (AICPDF). .

The order to investigate alleged misconduct comes amid complaints by the National Restaurants Association of India (NRAI), which welcomed the ICC decision. In its complaints, the NRAI accused Swiggy and Zomato of obfuscating consumer data in addition to charging exorbitant commissions to partner restaurants…

“The Commission, based on submissions received by the ASSPL under oath, in which it categorically denied the allegations contained in the Reuters report, has decided not to pursue this investigation at this stage,” the regulator said. ..

Share.

Comments are closed.