NCLAT to hear Amazon next week; Zomato’s Goyal invests in Park+
Amazon will ask the National Company Law Appellate Tribunal (NCLAT) to postpone the Competition Commission of India's (CCI) decision suspending Amazon's 2019 arrangement with Future Coupons.
The CCI cancelled Amazon's permission for a 49 percent ownership in Future Coupons, a subsidiary of Future Retail, on December 17, 2021. It also imposed a Rs 202 crore fine on the American company.
On January 9, Amazon appealed the CCI's decision to the NCLAT. The tribunal will hear the case on February 14, according to Justice M Venugopal.
Amazon tried to "conceal and falsify" the facts of the acquisition, according to the antitrust watchdog's order. It had, however, given Amazon more time to get the purchase approved again.
Since October 2020, when Amazon hauled the Indian retailer to arbitration in Singapore, Future and Amazon have been involved in a nasty legal war.
Zomato founder and chief executive Deepinder Goyal has invested in Park+, an app for car owners. Gurugram-based Park+ said Goyal’s core team members at Zomato have also invested in the startup.
Park+ is Goyal's personal bet at a time when the Zomato founder is divesting his investments in firms in which Zomato is investing, possibly to minimise conflicts of interest.
We reported last week, citing regulatory records, that Goyal had sold his stake in Blinkit's parent company to Tiger Global, an existing investment.
When Zomato invested in Shiprocket in December, Goyal reacted to Pai, claiming he had exited his $100,000 personal investment in the company.