INSUBCONTINENT EXCLUSIVE:
Amazon has been locked in a dispute with Future, and accused the firm of violating contracts
The Competition Commission of India (CCI) on Friday suspended its more than two-year-old approval for Amazon's deal
to acquire stake in retailer Future Coupons Private Limited and also imposed a Rs 202 crore penalty on the e-commerce major for hiding facts
and making false statements while seeking regulatory approvals in 2019
In a 57-page order, the country's antitrust body said the approval for the Amazon-Future Coupons deal "shall remain in abeyance"
afresh.''The development comes amid a bitter legal battle between Amazon and Future Group over the latter's proposed Rs 24,713 crore-deal
into a deal worth Rs 2,000 crore with Future Group
As part of the deal, Amazon had acquired 49 per cent stake in Future Coupons - the promoter firm of Future Retail - which also owns 7.3 per
cent equity in listed Future Retail through convertible warrants.As part of the deal between Amazon and Future Coupons, Future Retail would
be able to place its products on Amazon's online marketplace
right-of-first-refusal pact it had signed with Future
The e-commerce giant also argued that terms agreed in its 2019 deal of buying the 49 per cent stake in Future's gift voucher unit prevents
aspects of the transaction by not revealing its strategic interest in Future Retail while seeking approvals.While approving the deal in
