Amazon Will Have To Pay A Fine Of Rs 200 Crore
Amazon will have to pay a fine of Rs 200 crore, NCLAT gave a blow; Know what’s the matter.
NCLAT has dealt a big blow to American e-commerce company Amazon. The tribunal on Monday dismissed Amazon’s petition against the Competition Commission of India’s (CCI) decision.
Last year, the CCI suspended the deal between Amazon and Future Coupons and imposed a fine of Rs 200 crore.
Amazon did not give information about interests related to Future Retail Limited
A two-judge bench of the NCLAT observed that Amazon had not given the complete and correct information in the deal entered into with Future Coupons.
The NCLAT upheld the CCI order and said that Amazon had not disclosed the interest of Future Retail Ltd.
CCI accuses Amazon of hiding information.
In 2019, CCI approved the deal with Amazon for a 49 percent stake in Future Coupons Private Limited (FCPL). But in December last year, the CCI had suspended this approval.
The CCI had imposed a fine of Rs 202 crore on Amazon, accusing it of hiding information for approval.
In this, a fine of Rs 200 crore was imposed for changing the essential conditions and a fine of one crore each for hiding the actual scope and conditions.
However, the NCLAT has reduced it to Rs 50 lakh each, considering the penalty of Rs 1 crore as high.
Order to deposit the fine amount within 45 days.
The tribunal has ordered to deposit the fine amount within 45 days. Future Retail Limited is the promoter of FCPL.
A deal worth Rs 24,713 crore was signed in 2020 between Future Retail and Reliance Retail.
Amazon is opposing the deal based on the 2019 FCPL agreement. However, Reliance Retail has terminated the deal with Future Retail.
In the WTO, India expressed its concern to the member countries, saying that not only the vaccine, but the need for TRIPS exemption in therapeutic and diagnostic.
The formal meeting of the Ministerial Conference of the World Trade Organization (WTO) began on Monday.
In his address, Commerce and Industry Minister Piyush Goyal said that he is concerned about the policy of export ban.
He said that to overcome the epidemic, only the TRIPS exemption (Trade-Related Aspects of Intellectual Rights) of vaccine manufacturing will not work.
