Competition Comm suspends approval for Amazon-Future Coupons deal
December 17, 2021
New Delhi: The Competition Commission of India (CCI) on Friday suspended its approval for Amazon’s deal with Future Coupons and also imposed a penalty totalling Rs 202 crore on the e-commerce major for certain contraventions.
The approval was given by the regulator back in November 2019 for Amazon’s deal to buy 49 per cent stake in Future Coupons.
In a 57-page order, the regulator said that approval “shall remain in abeyance”.
According to the regulator, certain contraventions by Amazon arise from a “deliberate design on the part of Amazon to suppress the actual scope and purpose of the combination and the Commission finds no mitigating factor”.
Amid a bitter legal battle with Amazon, Future Group had complained to the CCI following which the regulator issued a show cause notice to the e-commerce major in July 2021.
Recent Stories
- Diwali Food Safety Drive: AMC Seals Two Units, Fines Four Outlets ₹40,000
- HDFC Bank Gets Govt Nod to Offer Deposits Under Capital Gains Accounts Scheme
- GSSSB Announces Recruitment for 1,237 Class-3 Posts; Applications Open on November 5
- AMC to Hike Parking Fees; Proposed New Rates Here
- Mumbai Mayor Ritu Tawde Meets Gujarat CM Bhupendra Patel
- Holiday Inn Resort to Come Up in Sasan Gir