CCI suspends Amazon’s deal with Future Coupons, imposes 200 crore penalty
By MYBRANDBOOK
The Competition Commission of India suspended its more than two-year-old approval for Amazon's deal to acquire stakes in retailer Future Coupons Private Limited.
The CCI also imposed a Rs.202 crore penalty on the e-commerce firm. The regulator said Amazon had “suppressed the actual scope” of the deal and had made “false and incorrect statements” amid seeking approvals to invest in Future Group two years ago, considering “to investigate the combination deal as necessary.”
Amazon had agreed to purchase 49% in unlisted Future Coupons, which owns 7.3% equity in listed Future Retail through convertible warrants, with the right to buy into the flagship Future Retail after a period of 3 to 10 years.
Citing certain contraventions, CCI said those have arisen “from a deliberate design on the part of Amazon to suppress the actual scope and purpose of the combination” and finds no mitigating factor.
“This approval should not be construed as immunity in any manner from subsequent proceedings before the Commission for violations of other provisions of the (Competition) Act,” it said.
The Commission said it would examine the Amazon-Future deal afresh, “given that the combination is between players who are known in the online marketplace and offline retailing and they have contemplated strategic alignment between their businesses”.
BREAKING NEWS
TECHNO TRENDS
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
UiPath ropes in Raghu Malpani as Chief Technology Officer
UiPath has announced Raghu Malpani as Chief Technology Officer. Malpani w
DigiCert names Atri Chatterjee as CMO
DigiCert has announced the appointment of Atri Chatterjee as Chief Market
OPEN YOUR EYES
INTERVIEWS
Check Point takes pride in providing customers with the best c
Check Point has categorized its 80 products and technologies into four main
Commvault leading the next generation of data protection throu
A valued brand, Commvault reinforces the commitment to protect customer dat
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
INFOSYS TECHNOLOGIES PVT. LTD.
MICROMAX INFORMATICS LTD.
SAFE SECURITY SERVICES PVT. LTD.
VERSA NETWORKS INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Hari Om Rai
Hari Om Rai is the Co-founder, Chairman & Managing Director of Lava In...
Technology Icons Of India 2023: Anant Maheshwari
As President of Microsoft India, he is responsible for Microsoft’s o...
Technology Icons Of India 2023: Sachin Bansal
Sachin Bansal’s fintech startup, Navi Technologies, simplifies loan ...
PARTNER SPEAKERS
PSU
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
C-DAC keeps India ahead in IT & Electronics R&D space
Centre for Development of Advanced Computing (C-DAC) is the premier R&...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
VIDEOS
Top 25 Brands
Value-Added Distribution
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
 INDERJEET SINGH.jpg)
