Sumary of Amazon filing on Future group deal: CCI marks ‘discrepancies’:
- THE COMPETITION Commission of India has served Amazon a show-cause notice over “discrepancies” in filings made by the company while seeking approval for its acquisition of a 49 per cent stake in Future group company, Future Coupons Pvt Ltd (FCL).
- Amazon is currently in a legal tussle with Future group over the latter’s plans to sell its retail businesses to Reliance Retail.
- The Supreme Court is currently hearing a matter on whether an emergency arbitration award won by Amazon in the Singapore International Arbitration Centre is valid and whether the Kishore Biyani-led Future group can be restrained from completing the transaction.
- Sources aware of the developments said the show-cause notice contends that Amazon might have concealed a strategic interest in Future group when it submitted its filings for approval.
- However, as our dispute with Future is pending litigation, and we are also bound by confidentiality obligations, we are unable to comment on the merits or substance of any allegations at this stage and that seem to be raised deliberately in the media in the context of ongoing legal proceedings.