Competition Commission of India (CCI) -Following a review of allegations that Amazon.com hid facts while seeking regulatory permission, India’s antitrust commission stopped Amazon.com’s 2019 partnership with Future Group on Friday.
The Competition Commission of India (CCI) has taken an unprecedented step that could have far-reaching implications for Amazon’s legal disputes with former partner Future. For months, the American company has effectively utilised the conditions of its toehold $200 million investment in 2019 to prevent Future from selling retail assets to Reliance Industries for $3.4 billion.
The Competition Commission of India (CCI) said in a 57-page order that it believes “it is necessary to re-examine the combination (transaction),” and that its approval from 2019 “must stay in abeyance” until then.
People familiar with the matter say that putting the 2019 Future acquisition on hold might hurt Amazon’s legal position and retail ambitions, while making it simpler for Reliance – the country’s largest retailer – to acquire number two player Future.
Amazon claims that the conditions of its 2019 arrangement to pay $200 million for a 49 percent stake in Future’s gift voucher subsidiary preclude parent company Future Group from selling its Future Retail Ltd business to competitors such as Reliance Industries.
The Competition Commission of India(CCI) judgement also stated that Amazon had “suppressed the full nature” of the purchase and made “false and inaccurate claims” when seeking clearances.
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