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>