Notice Issued To Future Group On Amazon’s Petition

Notice issued to Future group on Amazon’s petition, NCLAT, therefore, sought a response.

An important hearing took place on Thursday in the Amazon-Future case.

The National Company Law Appellate Tribunal (NCLAT) on Thursday issued notices to CCI and Future Coupons while hearing a plea by e-commerce giant Amazon challenging the recent order of the Competition Commission of India (CCI).

The CCI, in its order, has suspended the more than two-year-old approval given to the deal with Future Group company Future Coupons Pvt Ltd (FCPL).

The appellate tribunal has asked the CCI and the FCPL to respond within the next ten days and ask Amazon to respond again.

The NCLAT will now hear the matter on February 2. Amazon’s plea was heard by a two-member bench of Justice M Venugopal and Justice VP Singh.

Suspended the approval given to the Amazon deal in 2019.

Last month, the Competition Commission of Future Retail Ltd. Promoter of Future Coupons Pvt. Ltd. The approval given in 2019 to Amazon’s deal to buy a 49 percent stake in the company was suspended.

Along with this, a fine of Rs 202 crore was imposed on the e-commerce company.

While suspending the deal, the CCI had said the US e-commerce company withheld information while applying for approval.

Notice issued to Future group on Amazon’s petition: 202 crores fine.

In December, the regulator had imposed a fine of Rs 202 crore on the e-commerce major.

It also suspended approval for Amazon’s deal to acquire a 49 percent stake in FRL’s promoter Future Coupons Pvt Ltd (FCPL).

Last month, the CCI suspended the Amazon-FCPL deal, saying the US e-commerce major had suppressed information while seeking approval for the transaction at the time.

How will the import of palm, soy, and sunflower oil be expected in India this year?

India’s edible oil imports are expected to decline by 2% in 2022 as domestic production gets boosted in the country.

In such a situation, the import of palm oil will be the highest while the import of soya and sunflower oil will increase. Malaysian Palm Oil Council (MPOC) gave this information on Thursday.

MPOC Chief Executive Officer Wan Aisha Van Hamid said at a conference that the world’s largest vegetable oil buyer’s total imports of oils and fats are 13.8 million tonnes, down from 14.1 million tonnes in 2021.