The Confederation of All Indian Traders (CAIT) has requested the country’s Competition Commission to revoke Amazon's approval granted two years ago for its deal with Future coupons. The merchant body further alleged the company secured the green lights by making false declarations. The matter got highlighted after the independent directors of Future Retail Ltd (FRL) sent their request letters to the chairman of India’s Competition Commission (ICC).
CAIT further highlights the claims to the independent directors of Future Retail. According to CAIT, “ Referring to paragraph 16 of the Commission Order of 28-11-2019, Amazon’s investment in FCPL holds that the approval given by the Combination Commission is revoked, given the information provided by the ‘Acquirer prove’ to be inaccurate. Hence, we urge the Commission to revoke the approval ASAP.
It further argued that the ICC must not avoid its obligation to revoke the approval investing through its powers under section 45 of the Competition Act. Earlier, CAIT launched a movement protesting online retail practices. Any further action by the Commission, such as imposing a sanction, will be illegal and against public order and cause public harm, cited the merchant body.
“Addressing the urgency of the matter and the public interest and the public good, the body asks to take immediate action by declaring that the approval granted to Amazon is revoked and needs to respond to the letter as soon as possible. CAIT has claimed that Amazon’s approval requests are misrepresented and cover-up.”
The agencies, in their letter, wrote.”It is deliberate to get approval for the control rights to FRL to be obtained.”
Amazon didn’t respond to the matter when contacted through email.
The Future Group-Amazon feud dates back when the independent directors of Future Retail Ltd. have urged the Competition Commission to revoke the approval given two years ago for Amazon’s deal with Future Coupons, alleging that Amazon had produced false statements to get a settlement deal.
Henceforth, the independent directors of Future Retail Ltd (FRL) approached the chairman of the Indian Competition Commission (ICC) related to the matter. The ICC needs to immediately confirm the revocation of the authorization granted to Amazon for its investment in Future Coupons Pvt. Ltd. (FCPL), revealed in the letter sent to the ICC.
The Future Group-Amazon feud dates back when the independent directors of Future Retail Ltd. have urged the Competition Commission to revoke the approval given two years ago for Amazon’s deal with Future Coupons, alleging that Amazon had produced false statements to get a settlement deal.
Henceforth, the independent directors of Future Retail Ltd (FRL) approached the chairman of the Indian Competition Commission (ICC) related to the matter. The ICC needs to immediately confirm the revocation of the authorization granted to Amazon for its investment in Future Coupons Pvt. Ltd. (FCPL), revealed in the letter sent to the ICC.
Pavankumar Baboori is an experienced Sr. Content Analyst who improves the workflow by identifying and resolving the content development gap. He works closely with the marketing team to deploy strategies for improving brand awareness, website traffic, search engine ranking, and lead generation activities. He gauges up marketing channels for the real digital transformations.
Leave a Comment
