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  4. CCI imposes Rs 200 Cr penalty on Amazon; suspends 2019 deal with Future

CCI imposes Rs 200 Cr penalty on Amazon; suspends 2019 deal with Future

According to the regulator, certain contraventions by Amazon arise from a "deliberate design on the part of Amazon to suppress the actual scope and purpose of the combination and the Commission finds no mitigating factor".

Edited by: India TV Business Desk Mumbai Updated on: December 17, 2021 19:12 IST
cci imposes penalty on amazon group
Image Source : AP

CCI imposes Rs 200 Cr penalty on Amazon; suspends 2019 deal with Future

Highlights

  • Competition Commission of India imposed a penalty of 200 cr on Amazon.
  • The Commission also suspended Amazon's 2019 deal with Future
  • Amazon has been asked by CCI to again file a detailed Form II within a period of 60 days.

The Competition Commission of India on Friday imposed a penalty of Rs 200 crore on Amazon for providing "false & incorrect information" & "suppressing material facts" of the 2019 Future deal. With this, CCI has suspended the said deal. 

The commission has additionally asked Amazon to again file a detailed Form II within a period of 60 days.

Future Group had complained to the CCI following which the regulator issued a show-cause notice to the e-commerce major in July 2021. 

The approval was given by the regulator back in November 2019 for Amazon's deal to buy a 49 percent stake in Future Coupons. In a 57-page order, the regulator said that approval "shall remain in abeyance".

According to the regulator, certain contraventions by Amazon arise from a "deliberate design on the part of Amazon to suppress the actual scope and purpose of the combination and the Commission finds no mitigating factor".

(With PTI Inputs)

Also Read: Nirmala Sitharaman to hold pre-budget consultations with representatives from service, trade sector

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