CCI accuses Amazon of hiding facts about Future-Reliance transactions

The battle for Future Retail of Kishore Biyani continues, and its benefits instantly shift from one to the other. This time, the Competition Commission of India (CCI) won the short end of the stick after seeking approval for concealing facts about its involvement in Future Retail and making false submissions in US e-commerce. It is Amazon which is a giant. CCI to invest in 2019.

A dispute involving more than 1,500 supermarkets and other stores arose when the Future Group decided to sell its retail assets to Reliance Industries of Mukesh Ambani. Amazon claimed that the 2019 contract completion clause prevented Future Group from selling Future Retail to Reliance. Amazon holds a 49% stake in Future Coupons, the promoter entity of Future Retail.Although the first advantage was in Amazon as Delhi HC ordered all parties to keep Current status,tide changed When the transaction stay is canceled. However, the table has come to support the order of the Singapore Arbitrator’s Emergency Award (EA) by the High Court of Delhi.

The case is currently being heard by the Supreme Court and will be heard again on July 27.

In 2019, Amazon did not mention “strategic interests” as it argued that its contract with Future Coupons gave it special rights to Future Retail.

CCI, India’s antitrust regulator, wrote to Amazon on June 4, saying, “Amazon’s statements and actions before the Commission are misrepresentations and false statements and oppressions or important facts. It’s equivalent to concealment. ” “The purpose of such interests and combinations … was not disclosed to the Commission despite certain requirements,” the letter read.

Amazon argued against its own statement that the agreement between the two Future Group entities signed before the 2019 transaction was an “integrated part of the transaction,” but initially had nothing to do with the agreement. He added that he had insisted.

The CCI has asked the e-commerce powerhouse that no action should be taken against it and that the company should not be punished for providing false information.

Amazon said it was confident in addressing antitrust concerns.

According to the 2019 approval order, the CCI decision will be revoked if the information provided is found to be incorrect. This seems to be the case, and if approval is revoked, things will only get worse in one of Amazon’s largest markets. Amazon is already in dire straits as its ban on flash sales and the mandatory appointment of a chief compliance officer have restricted its operations in India, and CCI will resume its antitrust investigation into e-commerce giants. Given the green light of.

CCI accuses Amazon of hiding facts about Future-Reliance transactions

Source link CCI accuses Amazon of hiding facts about Future-Reliance transactions

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