CCI issues notice to Amazon; seeks explanation on FCL deal

cci issues notice to amazon seeks explanation on fcl deal

Sumary of CCI issues notice to Amazon; seeks explanation on FCL deal:

  • NEW DELHI: Competition Commission has issued a show cause notice to Amazon seeking an explanation from the e-commerce major regarding a deal with a Future Group firm that was approved by the watchdog in 2019, according to sources.
  • The notice has been issued following a complaint filed by Future Group, which is locked in a bitter legal battle with Amazon over the former’s proposed Rs 24,713 crore deal with Reliance Industries.
  • “We are in receipt of a show-cause notice from the CCI based on the complaint filed by Future as a part of an ongoing dispute.
  • “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.
  • On Thursday, Future Group submitted a copy of CCI’s notice to Amazon to the Supreme Court, which is hearing a plea filed by Amazon related to the ongoing dispute.
  • In November 2019, CCI had given its approval for Amazon to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCL).
  • FCL is a shareholder in Future Retail Ltd. CCI had sent the notice to Amazon on June 4. The notice pertains to Amazon’s submissions while seeking a nod for the FCL deal, the sources said.
  • In the notice, CCI has alleged Amazon of concealing its strategic interest over Future Retail and that such interest was not disclosed to the regulator previously.

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