CCI suspends Amazon's deal with Future Group, imposes Rs 200 crore penalty
By MYBRANDBOOK
In a big setback to Amazon, the Competition Commission of India (CCI) has suspended its 2019 deal with the Future Group, citing suppression of information. The regulatory body has also imposed an Rs 200 crore penalty against Amazon.
CCI conducted a review and found during the investigation that the US e-commerce giant had concealed information while seeking regulatory approval for the deal.
The development comes as a huge blow to Amazon, as it had cited its 2019 deal with Future Group to stop the Reliance-Future deal. The decision could have far-reaching consequences for Amazon’s ongoing legal battle with the Future Group, which has been unable to sell its retail assets to Reliance Retail for over a year.
It is worth mentioning that Amazon had tried to stop Future from selling its retail assets to Reliance Retail for Rs 24,713 crore citing the terms of the 2019 deal.
In its 57-page order, the CCI said it considers “it necessary to examine the combination (deal) afresh”, adding its approval from 2019 “shall remain in abeyance” until then.
The CCI order added that Amazon had “suppressed the actual scope” of the deal and made “false and incorrect statements” while seeking approvals for the 2019 deal.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
MATRIX COMSEC PVT. LTD.
PDRL - Passenger Drone Research Pvt. Ltd.
TAC SECURITY SOLUTIONS
AMARA RAJA POWER SYSTEMS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
Icons Of India : CP Gurnani
Former Managing Director and CEO of the well-known IT service company ...
Icons Of India : Debjani Ghosh
Debjani Ghosh is the President of the National Association of Software...
PARTNER SPEAKERS
PSU
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
