There has been a new turning point in the ongoing dispute over the deal between Reliance Industries and Future Group. In fact, the Competition Commission of India (CCI) has accused US e-commerce company Amazon of hiding the facts in the case. Let us say here that last year Mukesh Ambani’s deal was with Reliance Retail and Future Group. Amazon has objections to this agreement. Amazon has demanded that the deal be canceled. Amazon argues that Future Group, a Future Group company, has its share of coupons.
What the CCI charges: According to news agency Reuters, the CCI letter stated that in 2019, Amazon did not disclose its strategic interest in the future of retailers and the actual aspects of the transaction. The letter stated that “Amazon’s representation and conduct before the Commission is a false statement and suppression of facts.”
Also show cause: In this letter, CCI also talked about giving Amazon a ‘show cause notice’. In addition, Amazon has been asked why it should not be disciplined and punished. Let’s say here that last year CCI approved the deal with Reliance and Future Group. After this, Amazon contacted the court. In August last year, Reliance Industries signed a deal to acquire the Retail Future Group’s retail, wholesale, warehouse and logistics businesses for Rs 24,713 crore.
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Supreme Court hearing: However, the trial of the deal between Future and Reliance is going on in the Supreme Court. At Tuesday’s hearing, Amazon defended Singapore’s Emergency Intervention (EA) decision in Amazon court. The Emergency Tribunal of Singapore has terminated the agreement. Amazon has said the decision is ‘valid’ and should be implemented.
