American tech giant Amazon.com Inc. has reportedly approached India’s antitrust regulator CCI (Competition Commission of India) seeking withdrawal of its approval for Future Retail Ltd.’s (FRL) USD 3.4 billion sales of retail assets to Reliance Industries Ltd. (RIL). The RIL-FRL agreement was signed in August 2020, but Amazon contested it in the Singapore International Arbitration Centre. It is to be noted that the Enforcement Directorate (ED) issued summons to the managements of both Amazon India and Future Group earlier this week for alleged violations of the Foreign Exchange Management Act (FEMA). The company is charged with providing misleading information to get antitrust approval for a 2019 acquisition deal with Future Group. Amazon India said in an email that they received the summons issued by the ED in connection with the Future Group, and will respond within the given time frame.

Source: Mint November 30, 2021 10:04 UTC