In a fresh development Amazon has filed fresh legal challenges in a bid to block the sale of the latter’s assets to Reliance Industries. Amazon filed an appeal against the CCI’s suspension decision at India’s National Company Law Appellate Tribunal, according to Reuters. It also reportedly made an appeal at the Supreme Court challenging Delhi High Court’s decision to suspend arbitration proceedings.
Last month, the CCI had temporarily suspended a 2019 Amazon-Future Coupons deal when amazon had bought a 49% stake in Future Coupons, thereby getting an indirect stake in Future Retail.
Along with temporarily suspending the deal, the CCI had also imposed an INR 200 Cr fine on Amazon. It mentioned reasons including a deliberate attempt to suppress the actual scope and purpose of its 2019 acquisition. It said Amazon provided false or incorrect representations to conceal material facts.
“As regards the failure to notify combination in terms of the obligation cast under Section 6(2) of the Act, Section 43A of the Act enables the Commission to impose a penalty, which may extend to one percent of the total turnover or the assets, whichever is higher, of such a combination. Accordingly, for the above-mentioned reasons, the Commission hereby imposes a penalty of INR Two Hundred Crore upon Amazon.” said the commission.