Categories: Economy

In setback to Amazon, NCLT upholds CCI decision to suspend US retailer’s $200 million deal to buy stake in Future Group

<p>
Amazon.com Inc's the National Company Law Tribunal (NCLT) on Monday rejected its appeal against the Competition Commission of India (CCI) decision suspending its $200 million investment deal to acquire a 49% stake in Future Group and asked US retail giant to pay the Rs 200 crore fine.</p>
<p>
CCI had issued the suspension in December, stating that Amazon suppressed the actual scope of the 2019 investment and made false and incorrect statements. The regulator had also slapped a Rs 200 crore fine on the US retailer. Amazon challenged the decision, arguing that it had not concealed information.</p>
<p>
The NCLT- comprising a two-member bench of Justice M Venugopal and Ashok Kumar Mishra, upheld the CCI findings and directed Amazon to pay the penalty of Rs 200 crore imposed by the fair trade regulator within 45 days from Monday.</p>
<p>
"This appellate tribunal is in complete agreement" with the CCI, the two-member bench said.</p>

IN Bureau

Recent Posts

IAF orders enquiry after MiG-29 aircraft crashed near Agra

Indian Air Force (IAF) has said it has ordered an enquiry hours after a MiG-29…

5 hours ago

Paank urges Pakistan to end enforced disappearances following release of abducted students

The Human Rights Department of the Baloch National Movement, Paank, has emphasised that enforced disappearances…

5 hours ago

UKPNP condemns new restrictions on civil liberties in Pakistan-occupied Jammu and Kashmir

The United Kashmir People's National Party (UKPNP) has condemned a recent notification from the government…

5 hours ago

India-Vietnam Joint military exercise Vinbax 2024 commences at Ambala

The 5th Edition of Vietnam Indian Bilateral Army Exercise "VINBAX 2024" commenced on Monday and…

7 hours ago

“Disaster relief in the Indo-Pacific: A key element of India-Australia bilateral ties”, says EAM Jaishankar

External Affairs Minister S Jaishankar underscored the deepening bilateral relationship between India and Australia during…

8 hours ago

Bramption temple attack: Hindu organisations call for protest against “Khalistani intimidation” today

Following recent attacks on Hindu temples in Canada, the Coalition of Hindus of North America…

8 hours ago