Competition Commission Of India Suspends Amazon-Future 2019 Deal On Suppression Of Information

Published:Nov 29, 202307:39

'Information Suppressed': Amazon-Future Deal Suspended

In a 57-page order, CCI mentioned it considers "it obligatory to look at the mixture (deal) afresh

The nation's antitrust physique on Friday suspended's 2019 take care of Future Group following a evaluate of allegations that the US e-commerce large had hid data whereas looking for regulatory approval.The unprecedented step taken by the Competition Commission of India (CCI) may have far-reaching penalties on Amazon's authorized battles with now estranged associate Future.The US agency has for months efficiently used the phrases of its toehold $200 million funding in 2019 to dam Future's try to promote retail belongings to Reliance Industries for $3.4 billion.In a 57-page order, the CCI mentioned it considers "it necessary to examine the combination (deal) afresh," including its approval from 2019 shall "shall remain in abeyance" till then.Amazon had "suppressed the actual scope" of the deal and had made "false and incorrect statements" whereas looking for approvals, the CCI order added.

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