The Confederation of All India Traders (CAIT) urged the government on Sunday to take immediate action against Amazon, days after the Competition Commission of India (CCI) suspended Amazon’s 2019 investment in a Future Group entity and fined the company 202 crore for suppressing information about the deal.
The anti-trust watchdog referred to various agreements between Amazon entities and the Future Group in an order issued on Friday, claiming that Amazon allegedly failed to notify certain shareholder agreements and commercial arrangements involving Future Group as part of the parties’ merger, and allegedly suppressed the deal’s true purpose and details.
While seeking permission for the merger, CAIT accused Amazon of not disclosing its strategic stake in Future Retail. In fact, CAIT had urged the CCI to cancel the antitrust watchdog’s approval of Amazon’s deal with Future Coupons in 2019.
“Such acts of Amazon constitute a cheating, criminal breach of trust, dishonest inducement, dishonest concealment, and deception, and the CAIT has strongly demanded that the Union Government take immediate action by issuing an order suspending the Amazon e-commerce portal’s business operations,” it said on Sunday.
Amazon’s efforts to halt the Rs 24,700 crore merger between Reliance Retail Ventures Limited (RRVL) and Future Group businesses may be thwarted by the CCI’s rulings.
“Because this act also violates FEMA and FDI policy, the Enforcement Directorate has no choice but to act – the evidence is right in front of it in the shape of a CCI ruling, and the ED should take action against Amazon right away.” The CCI’s order is more than enough to compel the government to act “It was stated.
“Immediate audience” is what CAIT is looking for “It said it would take up the demand with the home minister, defence minister, trade minister, finance minister, and BJP president.
