Amazon vs Future
Amazon vs Future: SC to hear Amazon's plea on Oct 11
New Delhi: Supreme Court will hear the Amazon.com NV Investment Holding LLC (Amazon) plea challenging the June 13 NCLAT order, which upheld the anti-trust body CCI's ruling, on October 11.
"Due to paucity of time, we could not hear in detail the arguments. We will hear it on October 11," a two-judge bench of the Supreme Court, led by Justice Dinesh Maheshwari and also comprising Justice Bela M Trivedi, said in its order today and fixed October 11 for a detailed hearing on Amazon's plea.
In its order, which was subsequently upheld by the NCLAT, the CCI had kept the share subscription agreement (SSA) between Amazon and Future Coupons Pvt. Ltd. (FCPL) in abeyance.
In the last hearing on September 5, the Supreme Court had issued notices to the CCI (Competition Commission of India), Future coupons, and Confederation of All India Traders (CAIT) seeking their response to Amazon's plea.
Today, the CCI filed its reply in a sealed cover to the SC, to which the Court said, "We will go through it."
The apex court was apprised by lawyers of the Amazon group that the matter is serious in nature and this court should hear it.
The court, however, said today there is not much time for the case to be heard, and assured the parties, saying, "We will hear it on October 11."
Amazon group had on July 28 moved the Supreme Court challenging the June 13 order of the National Company Law Appellate Tribunal (NCLAT) dismissing its petition to set aside the CCI order which kept Amazon-FCPL SSA in abeyance.
The NCLAT had in its order upheld the CCI decision to suspend approval for Amazon's investments.
"We seek a direction (from the Supreme Court) to set aside the final order and judgment dated June 13, passed by the NCLAT," Amazon said in its petition copy.
Amazon also claimed that all the relevant details and information required by the competition regulator have been submitted.
The NCLAT in its judgment on June 13 had agreed that Amazon had “not made full disclosures” to the competition regulator.
On December 17, CCI had imposed a Rs 2 billion ($26.3 million) penalty on Amazon for suppressing the actual scope and purpose of the August 2019 SSA between Amazon and FCPL, and a shareholders agreement (SHA) between FCPL and Future Retail to determine their respective rights and obligations as shareholders of FCPL, as further reported.
The NCLAT had directed Amazon to pay the penalty of Rs 2 billion within 45 days, from the date of the pronouncement of the order, June 13.
(With UNI inputs)
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