New Delhi: Amazon on Thursday said it has received a show-cause notice from the Competition Commission of India (CCI) based on a complaint filed by Future Group, with which the e-commerce major is locked in a legal battle.
The American company and Future Group – one of the country’s largest retail companies – have been engaged in a bitter fight after inking a Rs 24,713 crore deal with Reliance Industries for retail, logistics and warehousing assets.
“We are receiving show cause notices from CCI based on a complaint filed by Future as a part of the ongoing dispute. We are committed to comply with the laws of India and will extend full cooperation to CCI on this matter.” Amazon spokesperson said.
The spokesperson expressed confidence that the company would be able to address the concerns of CCI.
“While our dispute with Future is in pending litigation, and we are also bound by confidentiality obligations, we are unable to comment on the merits or essence of any allegations at this stage,” the spokesperson said.
Comments from Future Group and CCI could not be immediately ascertained.
Future on Thursday submitted a copy of the show cause by the CCI to the Supreme Court, which is hearing a petition filed by Amazon related to the ongoing dispute.
Transactions above a certain limit require approval from the CCI. The watchdog has broad powers, including revoking its approval for any transaction, if it is found at any time that the information provided by the acquirer was incorrect.
CCI had sent a notice to Amazon on June 4.
In its notice, the watchdog accused Amazon of concealing its strategic interest in Future Retail and that such interest was not previously disclosed to the commission.
“…This show cause notice is being issued to you to explain why you will not be found – Failed to give notice in respect of FRL SHA (Future Retail Shareholding Agreement) and misrepresented and furnished. ( False information and suppressed/ suppressed material facts in contravention of the said provisions of the Competition) Act,” it said.
In August 2019, Amazon had agreed to buy 49 per cent of Future Coupons Ltd (which owns 7.3 per cent equity in BSE-listed Future Retail Ltd through convertible warrants), one of Future’s unlisted firms , which had the right to buy into the major futures. Retail after a period of three to 10 years.
A year later, Reliance Retail Ventures Ltd entered into an agreement with Future Group to acquire the retail and wholesale business and logistics and warehousing business for Rs 24,713 crore.
Subsequently, Amazon dragged Future into arbitration at the Singapore International Arbitration Center (SIAC), arguing that the 2019 deal prevents Futures from selling the retail business to rivals. In October last year, an interim award was passed by the Emergency Arbitrator (EA) in favor of the US-e-commerce major.
EA prohibits Future Retail from taking any steps to secure any funding from a restricted party, disposing of or weighting its assets or issuing any securities. Amazon and Future Group have also filed lawsuits on the issue in Indian courts, including the Supreme Court.
The SIAC has completed hearing on the petition filed by Amazon in the matter and is likely to deliver its verdict in a month.
The Future-Reliance deal was initially expected to close by the end of March. However, in April, RIL said it was extending the “long stop date” deadline from March 31, 2021 to September 30, 2021. Read also: Mercedes-Benz preparing to go completely electric by 2025
The deal has received approval from regulators like CCI, SEBI and stock exchanges, and the arrangement plan is now awaiting approval from the NCLT and shareholders. Read also: Considering pilot launch of digital currency in near future: RBI Deputy Governor
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};*/
})(jQuery);
.