amazon:  NCLAT must decide on Amazon appeal fast: Supreme Court - Times of India

amazon: NCLAT must decide on Amazon appeal fast: Supreme Court – Times of India

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NEW DELHI: The Supreme Court on Wednesday said an early verdict from NCLAT on Amazon’s challenge to a CCI order suspending approval of the multinational’s Rs 1,431-crore investment in Future Coupons would help resolve the pitched legal battle to wrest control of Future’s mega retail assets.
Amazon, after investing to buy 49% in Future Coupons, which in turn has 10% stake in Future Retail, had initiated international arbitration and got interim stay to stall Future Retail’s Rs 25,000-crore deal with Reliance Retail for sale of its assets.
In a game-changing decision, the Competition Commission of India (CCI) in December suspended its approval for Amazon’s investment in Future Coupons and imposed a penalty of Rs 202 crore on the multinational for obtaining the approval allegedly through misrepresentation. Amazon has moved the National Company Law Appellate Tribunal (NCLAT) against the CCI order.
The parallel litigation and arbitration proceedings took a new turn with the Future Group moving the arbitral tribunal for termination of arbitration proceedings and simultaneously moving the Delhi HC for the same relief. A division bench of HC stayed the arbitration proceedings based on prima facie appreciation of the impact of the CCI order. Amazon moved SC against the HC stay.
On Wednesday, Amazon’s counsel Gopal Subramanian requested a bench headed by CJI N V Ramana to allow resumption of the arbitration proceedings, saying a final award would help resolve the contentious issue. For Future Coupons, senior advocate Mukul Rohatgi said CCI saw through Amazon’s surreptitious attempt to control Future Retail’s huge retail chain through a small investment in Future Coupons and suspended approval.



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