The Supreme Court on September 5 agreed to hear Amazon's plea against the Competition Commission of India's (CCI’s) order to hold its approval for the e-commerce giant’s 2019 deal with a Future group firm.
The court has sought a reply from the parties concerned and will hear the case on September 19.
Amazon moved the Supreme Court after the National Company Law Appellate Tribunal (NCLAT) upheld the CCI’s decision to keep its approval for Amazon's deal with the Future group in abeyance.
In December 2021, India’s anti-trust body held that Amazon failed to make pertinent and critical disclosures regarding its 2019 investment deal with Future Coupons Pvt Ltd (FCPL).
The CCI said the American e-commerce giant had strategic interest in Future group's retail business, run under its flagship banner of Big Bazaar by public listed company Future Retail Ltd (FRL).
Amazon's intent to invest in FCPL was not disclosed before the CCI, the anti-trust watchdog said in its ruling.
The approval for the deal was kept in abeyance by the CCI.
The decision was upheld by NCLAT, which was challenged in the country’s top court by Amazon.
Amazon has argued that it made all the required disclosures and there was no wrongdoing on its part.
Amazon and Future group have been embroiled in a legal battle since 2020, with a string of cases pending before various forums.
While arbitration proceedings between Amazon and Future group are on at the Singapore International Arbitration Centre (SIAC), a separate batch of cases on the interim awards passed by SIAC is being heard by the Delhi High Court.
The CCI's order was passed in December 2021 on pleas by some Future group directors.
Separately, the creditors have initiated a corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) against the Future group. The Kishore Biyani-led FRL has been admitted for insolvency resolution by a Mumbai court.
The proposed asset sale deal between FRL and Reliance Retail, which kicked off the multiple legal cases, stands cancelled.
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