Amazon’s acquisition of a 49 percent stake in Future Coupons Private Limited (FCPL) has been embroiled in many legal disputes in the recent past.
An arbitration tribunal in Singapore has been hearing Amazon’s case against Future Group related to the 2019 deal between the two companies. While hearing this case, the tribunal had passed an interim order stalling the sale of Future Retail’s assets to Reliance Industries.
Last month, the CCI had suspended the clearance for the deal, stating that Amazon had failed to notify it about certain crucial details of its acquisition as required under Section 6(2) of the Competition Act, 2002. It had, therefore, also imposed a penalty of ₹202 crore on Amazon.
Based on the CCI order, Future Group moved the Delhi High Court seeking stay on the arbitration proceedings before the Singapore tribunal.
While the pleas were dismissed by a single-judge, the Division Bench stayed the proceedings before the Singapore tribunal. The Bench had cited the CCI order as one of the reasons for doing so, while adding that irreparable loss would be caused to the Future Group if proceedings are not stayed.
The Division Bench had also issued notice to Amazon and listed the case for further hearing on February 1.