HC directs CCI to decide on CAIT's complaint against Amazon within 2 weeks
The Delhi High Court on Tuesday directed the Competition Commission of India (CCI) to dispose off the matter of revocation of approval given to Amazon which has been challenged by the Future Coupons Limited.
The direction was issued on a Public Interest Litigation (PIL) filed by the Confederation of All India Traders (CAIT), which sought the High Court's intervention for protecting 6,000 traders who had supplied goods to the Future Group amounting to about Rs 10,000 crore.
The CAIT has prayed that between the fights of corporate giants, traders should not suffer financial losses. The court refused the arguments and said that the matter should be disposed of within two weeks. The CAIT was represented by Advocate Saurabh Kripal, Rajat Sehgal and others.
CAIT, through its representation to the CCI, had demanded the annulment of its approval that was granted to Amazon on the basis of their misrepresentation about the actual transaction.
Amazon's claim of control over FRL through their investment in FCPL is illegal as no-foreign company is allowed to own or control a multi-brand retail company such as Future Retail Limited.
The CAIT said that if such misrepresentation is allowed to continue, then every company would misrepresent the facts of transactions just to seek the CCI's approval and subsequently carry out a different transaction camouflaged as approved by CCI.
It also said that the proposed transactions contemplated in the FRL's scheme, if given effect, would ensure that the tens of thousands of investors and shareholders would get a lifeline to recover their hard-earned monies entrusted to the Future Group.
