The NCLAT has upheld the Competition Commission of India’s (CCI) order suspending the deal between Amazon and Future Coupons. The appellate tribunal backed the CCI findings that Amazon didn’t make full disclosures. A two-member bench comprising Justice M Venugopal and Ashok Kumar Mishra ordered Amazon to pay a penalty of Rs 200 crore.
The fair trade regulator had suspended the over two-year-old approval for its deal with Future Coupons Pvt Ltd (FCPL) last year. Amazon’s bid to stop the sale of its 49 per cent stake in FRL to Reliance Retail has been called off.
FRL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments. The deal was called off by Reliance Industries Ltd in April.
