Future Retail Ltd. has informed stock exchanges that this week's scheduled arbitration proceedings to be held in the case brought against it by Amazon.com NV Investment Holdings LLC stand cancelled.
Earlier in the day, a division bench of the Delhi High Court stayed the arbitration proceedings till the next date of hearing - Feb 1. The bench led by Chief Justice DN Patel and Justice Jyoti Singh granted the stay in an interim order on petitions filed by Future Coupons Pvt. and FRL, both entities of the Kishore Biyani-led Future Group.
Apart from the specific case of Amazon, another chink in India’s foreign investment armour is the foreign direct investment policy which selectively imposes restrictions on foreign-funded e-commerce companies whilst ostensibly allowing Indian e-commerce companies to commit unfair practices such as self-preferencing and deep discounting.
New Delhi: In a significant development, the Competition Commission on Friday suspended its more than two-year-old approval for Amazon’s deal with Future Coupons and imposed a Rs 202.
The Competition Commission of India suspended its approval for Amazon's deal with Future Coupons and also imposed a penalty totalling Rs 202 crore on the e-commerce giant