More

    CCI suspends Amazon’s 2019 deal with Future, imposes Rs 200-cr penalty



    India’s antitrust body on Friday suspended com’s 2019 deal with following a review of allegations that the US e-commerce giant had concealed information while seeking regulatory approval. It also imposed a Rs 200-crore penalty on


    The unprecedented step taken by the (CCI) could have far-reaching consequences on Amazon’s legal battles with now estranged partner Future. The US firm has for months successfully used the terms of its toehold $200 million investment in 2019 to block Future’s attempt to sell retail assets to Reliance Industries for $3.4 billion.





    In a 57-page order, the CCI said it considers “it necessary to examine the combination (deal) afresh,” adding its approval from 2019 shall “shall remain in abeyance” until then.


    had “suppressed the actual scope” of the deal and had made “false and incorrect statements” while seeking approvals, the CCI order added.


    Amazon has been directed to pay monetary penalty within a period of 60 days from the receipt of this order.


    CCI directed Amazon to give notice in Form II within a period of 60 days from the receipt of this order, and, CCI added that “till disposal of such notice, the approval granted vide Order dated 28th November, 2019, shall remain in abeyance”.

    (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

    Dear Reader,

    Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

    We, however, have a request.

    As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

    Support quality journalism and subscribe to Business Standard.

    Digital Editor



    Source link

    Latest

    Trump Blasted ‘Stupid’ Georgia Cowards For Not Tossing Vote For Him, Says Filmmaker

    A documentary filmmaker with extraordinary access to Donald Trump...

    Fresh protests after US abortion reversal, supporters maps next moves

    Abortion rights defenders fanned out across America Saturday for...

    Bold Bronte sister adaption turns page on domestic violence

    THE TENANT OF WILDFELL HALL ★★★Roslyn Packer Theatre, June...

    CM Patnaik Meets Odia Diaspora in Rome, Gets Emotional Upon Hearing Chemical Scientist’s Inspirational Story

    Touched by the inspirational story of Seshadev Kisan, a young chemical scientist from Sambalpur district who is now a Research Associate at Georg-August University...

    Karan Johar’s Dharma Productions – Kiara Advani pair is a winner with fifth release, Jugjugg Jeeyo : Bollywood News – Bollywood Hungama

    Over the past couple of weeks, Varun Dhawan, Kiara Advani, Anil Kapoor, and Neetu Kapoor have been on the promotional...