NCLAT upholds CCI order, Imposition Of Rs. 200 Crores Penalty On Amazon


Published On: Monday, June 13, 2022 | By:

NCLAT upholds CCI order, Imposition Of Rs. 200 Crores Penalty On Amazon

The National Company Law Appellate Tribunal ("NCLAT"), New Delhi Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Ashok Kumar Mishra (Technical Member), on Monday rejected Amazon’s plea challenging the decision of fair trade regulator Competition Commission of India (CCI) to suspend the approval for the e-commerce major’s deal with Future Coupons. The NCLAT has also upheld the Rs 200 crore fine imposed on Amazon and granted the company 45 days to pay. This fine is for non-disclosure of relevant information on combinations under the Competition Act, 2002. Reports said that the fine has been imposed for non-disclosure of relevant information on combinations under the Competition Act, 2002. In December last year, the Competition Commission of India (CCI) suspended its approval in 2019 for Amazon's deal to acquire a 49 percent stake in Future Coupons Pvt Ltd (FCPL).

The regulator had said that Amazon suppressed information while seeking clearances for the transaction back then and also slapped a fine of Rs 202 crore on the company.On Monday, apart from Amazon's plea, the appellate tribunal had also reserved the order on two other petitions in the matter filed by Confederation of All India Traders (CAIT) and All India Consumer Products Distributors Federation (AICPDF).


We are on Telegram!

Telegram Logo

JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.

Click Here!

Follow Us On: