The CCI has accused Amazon of concealing facts and making false submissions when the company sought approval for its 2019 investment in the Future Group unit. Let us tell you that Future Group had decided to sell its retail assets to Reliance Industries. Amazon has filed a legal case regarding this, which is now in the Supreme Court.
Amazon argues that in the 2019 deal, it was agreed to pay $ 192 million for a 49 percent stake in Future’s gift voucher unit. Due to this deal, Future Group cannot sell its Future Retail Limited business to Reliance.
CCI asked why Amazon should not be fined
According to news agency Reuters, CCI has said in a letter sent last month that Amazon did not disclose its strategic interest in Futural Retail when it sought approval for the deal. While giving show cause notice to Amazon, CCI has asked why action should not be taken against the company and penalty should not be imposed on it for giving wrong information.
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A source with knowledge of this development said that Amazon is yet to respond to this letter. However, while giving information about the receipt of the letter, Amazon has said that it is committed to comply with the laws of the country and will give full cooperation to CCI in this matter.
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