Supreme Court : Hearing on Amazon plea on Oct 11

Insight Online News

New Delhi, Sep 19 : Supreme Court said Monday it will hear on October 11, the Amazon.com NV Investment Holding LLC (Amazon) plea challenging the June 13 order of the NCLAT, which upheld the CCI order which had kept the share subscription agreement (SSA) between Amazon and Future Coupons Pvt. Ltd. (FCPL) in abeyance.

“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 for detailed hearing on Amazon’s plea to October 11.

On the last date of hearing in September 5, the Supreme court had issued notice to the CCI (Competition Commission of India), Future coupons and Confederation of All India Traders (CAIT) on Amazon’s plea.

Today, the CCI had filed a 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 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 to be heard. Do we will hear it on October 11.

Amazon group had on July 28 moved to the Supreme court challenging the June 13 order of the National Company Law Appellate Tribunal (NCLAT) dismissing its petition to set aside 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 in its petition filed before the Supreme Court 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.

CCI in its December 17 order, had also imposed an INR 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 in its directed Amazon to pay the INR 2 billion penalty within 45 days, from the date of the pronouncement of the order, June 13.

UNIINDIA

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