• MORE MARKET STATS

CCI slaps Rs 202 cr penalty on Amazon for suppressing info, failing to notify; suspends Future Coupons deal

The approval was given by the regulator back in November 2019 for Amazon’s deal to buy 49 per cent stake in Future Coupons.

Written By PTI
Updated:
In a 57-page order, the regulator said that approval "shall remain in abeyance".
In a 57-page order, the regulator said that approval "shall remain in abeyance".

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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Story
Spam calls: India fourth in list of most-spammed countries, telemarketing calls at 93.5%, report saysAccording to Truecaller’s fifth annual Global Spam Report, Brazil remains the undisputed leader in spam calls for the fourth successive year with 32.9 spam calls per user every month. (Representative image)