New Delhi: The Competition Commission of India on Friday imposed a penalty of Rs 200 crore on Amazon while suspending its deal with Indian conglomerate Future Group. The decision was taken owing to allegations that Amazon had allegedly concealed the actual scope of the deal and made “false and incorrect statements” while applying for approvals, media reports said.
The commission said that it is necessary “to examine the combination [deal] afresh”. It said that the deal will remain in abeyance till the matter is resolved.
An Amazon spokesperson said that the company was reviewing the order and will decide on its next steps in the due course of time, Reuters reported.
In August 2019, Amazon had agreed to buy a 49% stake in Future Coupons, which in turn owns a 7.3% stake in listed company Future Retail.
The Competition Commission of India, while giving its nod to the deal in November 2019, had said that its approval would stand revoked if, at any time, the information provided by Amazon was found to be incorrect, Scroll. in reported.
