Competition Commission Accuses Amazon Of Hiding Facts In Future Group Deal

Thursday, 22 July 2021Newsdesk

The country's antitrust regulator has accused Amazon.com Inc of concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit, a letter to the U.S. e-commerce giant seen by Reuters showed.

New Delhi, 22 July 2021

As per news report of NDTV, the letter complicates Amazon's bitter legal battle with Future Group over the firm's decision to sell its retail assets to Reliance Industries - a matter that is now before India's Supreme Court. Amazon has argued that terms agreed upon in its 2019 deal to pay $192 million for a 49 per cent stake in Future's gift voucher unit prevent its parent, Future Group, from selling its Future Retail Ltd business to Reliance. In the letter dated June 4, the Competition Commission of India (CCI) said Amazon hid factual aspects of the transaction by not revealing its strategic interest in Future Retail when it sought approval for the 2019 deal.

Source -NDTV