• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, June 18, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Amazon moves NCLAT challenging CCI’s suspension of 2019 Future deal

by Balraj
January 10, 2022
in Business, India News
Reading Time: 2 mins read
0
Amazon logo seen at the entrance to Amazon's Building

Courtesy: Artur Widak

TwitterWhatsappLinkedin

Amazon has filed a fresh legal challenge with the National Company Law Appellate Tribunal (NCLAT) regarding the Competition Commission of India’s (CCI) suspension of its 2019 deal with Future Retail (FRL). Amazon has filed a lawsuit against the CCI order on at least five grounds, and the case is expected to be heard this week, according to the media reports.

You might also like

India Approves Starlink License Amid Satellite Internet Push

Mumbai Police Crack Down on Rapido, Uber Bike Taxis for Illegal Operations

Delhivery’s ₹1,407 Cr Acquisition of Ecom Express Approved by CCI

Amazon logo seen at the entrance to Amazon's Building
Courtesy: Artur Widak

At the same time, Amazon’s Indian unit has filed a petition with the Supreme Court to stop an arbitration action involving Future Retail’s (FRL) asset transfer to Reliance Industries (RIL). The development comes after a Delhi high court order on January 5 rejecting Amazon’s arbitration proceedings against Future Group in Singapore for contract violations. According to CCI’s 57-page order, approval for the Amazon-Future Group acquisition ‘shall remain in abeyance’.

In December of last year, the competition watchdog suspended Amazon’s 2019 deal with Future Retail (FRL) worth Rs 1500 crore, highlighting the company’s alleged intentional design to withhold information regarding the scope and purpose of the deal. Amazon was fined Rs 200 crore by the antitrust agency, which had to be paid within 60 days of receiving the order. The American multinational has used this deal as a claim to overturn a $3.4 billion merger between Future Retail and Reliance.

According to sources familiar with Amazon’s strategy, when the company forwarded the document to CCI, it stated clearly that the company’s investment in Future Coupons was a strategic investment because the government may encourage investment in the multi-brand retail sector in the country at some point in the future. Amazon’s legal team is likely to argue that there was no misrepresentation of information and that all relevant facts were clearly mentioned.

Amazon moved the Singapore International Arbitration Centre (SIAC) in October 2020 to restrict the Future-Amazon deal, and the SIAC ordered an interim ruling prohibiting Future Group from selling its assets. The SIAC would have examined expert witnesses on Amazon’s arbitration request until January 7 if the hearings had not been delayed. Future Group would have been able to make its argument against Amazon’s petitions on January 8.

If NCLAT judges the CCI order to be valid, the American firm must petition the Supreme Court. If the Supreme Court agrees with the CCI ruling, Amazon will have no locus standi to initiate arbitration proceedings against Future Group.  Legal experts, on the other hand, suggest the order has created a “conflict of laws” situation, undermines the whole purpose of the contract, and may prevent foreign firms from approaching the Indian market.

Tags: Amazon IndiaCCICompetition Commission of IndiaDelhi High CourtFuture RetailNCLATReliance IndustriesReliance RetailSIAC
Tweet54SendShare15
Previous Post

UK data watchdog seeks talks with Meta over child protection concerns

Next Post

Facebook’s parent company leases up office space in Austin’s tallest tower

Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

Recommended For You

India Approves Starlink License Amid Satellite Internet Push

by Ishaan Negi
June 18, 2025
0
Elon Musk’s Starlink may soon offer satellite internet services in India

Starlink, SpaceX's satellite internet division, is moving quickly to deploy its services in India in a historic step that would hasten the country's digital revolution. A recent high-profile...

Read more

Mumbai Police Crack Down on Rapido, Uber Bike Taxis for Illegal Operations

by Ishaan Negi
June 18, 2025
0
Ride-hailing platform Rapido becomes a unicorn following $120 Mn funding

In a dramatic turn of events, Mumbai’s bustling streets have become the battleground between law enforcement and two of India’s biggest mobility players—Rapido and Uber. On Tuesday, the...

Read more

Delhivery’s ₹1,407 Cr Acquisition of Ecom Express Approved by CCI

by Ishaan Negi
June 18, 2025
0
Delhivery alleges Ecom Express misrepresented numbers in DRHP which may misguide investors

Delhivery Ltd.'s acquisition of a majority stake in Ecom Express Ltd. for about ₹1,407 crore has been authorized by the Competition Commission of India (CCI), marking a significant...

Read more
Next Post
Meta

Facebook’s parent company leases up office space in Austin’s tallest tower

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?