NCLAT: No Interim Relief For Amazon; Notice Issued To CCI, Future Group

NCLAT has refused any interim relief to Amazon in its appeal against last month's CCI (Competition Commission of India) order which withdrew the approval which was given for investment in the Future Group in 2019. NCLAT issued notices to the CCI, Future Group and CAIT (Confederation of All India Traders), asking all parties to file brief written submissions, and deferred hearing on Amazon's appeal for 2nd February.


Appearing for Amazon, senior lawyer Gopal Subramanian sought an early disposal of the appeal against CCI's order, arguing that the Delhi High Court stayed an ongoing arbitration when the Future Group pointed out that the anti-trust regulator had withdrawn its nod to the American e-commerce giant.


Explaining Amazon's journey with the Future Group, Subramanian explained that Future Group intended to open stores in 20 biggest Indian cities, for which Kishore Biyani went to the United States and discussed these plans with Jeff Bezos. He submitted that Amazon Pay was to be the exclusive wallet on Future Retail, while Future Retail was to refrain from listing products on 3rd party websites.


While NCLAT noted that it has time till 15th February to decide on Amazon's appeal, CCI urged NCLAT to not pass any interim orders, expressing readiness to argue whenever asked. On a lighter note, CCI's lawyer ASG N Venkataraman added that while Amazon's market cap is Rs. 126 followed by 12 zeroes, what the regulator had sought in penalty was Rs. 202 crores.


Amazon claimed that though it wanted to make 10% FPI (Foreign Portfolio Investment) in Future Retail as per law, the same never took place, and all integrated agreements were shared with CCI. Accusing Future Retail of violating interim orders by courts and the arbitrator, Amazon contended that Future Group had informed CCI of the emails which were disclosed during arbitration, terming CCI's withdrawal of approval as an action taken on complaint by a party which lost all cases till the Supreme Court.
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