CCI suspends Amazon's deal with Future Group, imposes Rs 200 crore penalty
By MYBRANDBOOK
In a big setback to Amazon, the Competition Commission of India (CCI) has suspended its 2019 deal with the Future Group, citing suppression of information. The regulatory body has also imposed an Rs 200 crore penalty against Amazon.
CCI conducted a review and found during the investigation that the US e-commerce giant had concealed information while seeking regulatory approval for the deal.
The development comes as a huge blow to Amazon, as it had cited its 2019 deal with Future Group to stop the Reliance-Future deal. The decision could have far-reaching consequences for Amazon’s ongoing legal battle with the Future Group, which has been unable to sell its retail assets to Reliance Retail for over a year.
It is worth mentioning that Amazon had tried to stop Future from selling its retail assets to Reliance Retail for Rs 24,713 crore citing the terms of the 2019 deal.
In its 57-page order, the CCI said it considers “it necessary to examine the combination (deal) afresh”, adding its approval from 2019 “shall remain in abeyance” until then.
The CCI order added that Amazon had “suppressed the actual scope” of the deal and made “false and incorrect statements” while seeking approvals for the 2019 deal.
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