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Image Source : AP CCI imposes Rs 200 Cr penalty on Amazon; suspends 2019 deal with Future
Highlights
Competition Commission of India imposed a penalty of 200 cr on Amazon.
The Commission also suspended Amazon’s 2019 deal with Future
Amazon has been asked by CCI to again file a detailed Form II within a period of 60 days.
The Competition Commission of India on Friday imposed a penalty of Rs 200 crore on Amazon for providing “false & incorrect information” & “suppressing material facts” of the 2019 Future deal. With this, CCI has suspended the said deal.
The commission has additionally asked Amazon to again file a detailed Form II within a period of 60 days.
Future Group had complained to the CCI following which the regulator issued a show-cause notice to the e-commerce major in July 2021.
The approval was given by the regulator back in November 2019 for Amazon’s deal to buy a 49 percent stake in Future Coupons. In a 57-page order, the regulator said that approval “shall remain in abeyance”.
According to the regulator, certain contraventions by Amazon arise from a “deliberate design on the part of Amazon to suppress the actual scope and purpose of the combination and the Commission finds no mitigating factor”.
(With PTI Inputs)
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