Amazon-Future deal: HC asks CCI to decide on CAIT's plaint
One-liner: The Delhi High Court on Tuesday directed the Competition Commission of India (CCI) to expeditiously decide on its show cause notice to Amazon on the issue of revocation of approval given to the US company for investment transaction with FCPL which has been challenged by Future Group.
What the bench says: A bench said the decision be taken in accordance with rules, law and govt policy applicable to the facts of the case and adequate opportunity be given to the parties to be heard.
Protection to traders: The court was hearing a petition by the Confederation of All India Traders (CAIT) seeking to protect around 6,000 traders who had supplied goods to the Future Group amounting to ₹10,000Cr and to recover the money from the group.
- The plea said Amazon has obtained the approval of CCI for its investment in FCPL in 2019 by deceit, fraud, misrepresentation and false representation
Bitter legal tussle: Amazon and Future have been locked in a bitter legal tussle after the US-based e-commerce giant dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) in Oct last year, arguing that Future Retail Ltd (FRL) had violated a contract by entering into ₹24,713Cr merger deal with rival Reliance Retail.
Court direction sought: The petitioner sought the court's directions calling for all documents, records, internal notes and other information relating to the subject matter of the petition from the CCI and prayed that the commission be directed to take a decision with respect to the June 4 show cause notice within 10 days.