CCI Suspends Amazon's Deal With Future Group, Says It 'Suppressed Information'
This could have far-reaching consequences on Amazon's legal battles with its former partner Future.
The Competition Commission of India (CCI) on Friday, 17 December, suspended Amazon's 2019-deal with Future Group, after it reviewed allegations that the US e-commerce giant had concealed information while seeking regulatory approval.
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The Competition Commission of India (CCI) on Friday, 17 December, suspended Amazon's 2019-deal with Future Group, after it reviewed allegations that the US e-commerce giant had concealed information while seeking regulatory approval, as per a Reuters report.
For months, the US firm had successfully utilised the terms of its toehold $200 million investment that it had made in 2019 to block Future's attempts of selling retail assets to Reliance Industries for $ 3.4 billion.
The CCI, in its 57-page order, said that "it was necessary to examine the combination (deal) afresh". The country's antitrust body added that the approval it had given in 2019 would remain in "abeyance" till then.
Amazon "suppressed the actual scope" of the deal and made "false and incorrect statements" when it sought for approvals, the CCI order noted.
(With inputs from Reuters)
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