Big retreat:CCI cancels agreement between Amazon and Future Group in 2019, imposes fine of Rs 200 crore

  • CCI claims that in the year 2019, Amazon withheld information as well as provided false and inappropriate information in the approval of the agreement.

The Competition Commission of India (CCI), India’s regulator, has revoked an agreement reached by Future Group with in 2019, saying the details of the agreement were kept confidential. CCI has also slapped a fine of Rs 200 crore on Amazon.

In addition, the CCI conducted a review in light of recent allegations and during the review process, the regulator found that the agreement was kept secret by a leading US e-commerce company while seeking regulatory approval.

The deal , worth Rs 24,713 crore in 2019, was widely discussed at a time when Amazon’s deal with Future Group in 2019 would block Reliance-Future Group. The decision could be the result of Amazon’s ongoing legal battle with Future Group.

Phatakarayo Rs 200 crore fine
regulator with this has also imposed a fine of Rs 200 crore on Amazon. The CCI said in its 57-page order that the agreement needed to be re-examined, adding that the approval given in 2019 would be deferred until the investigation is completed. The CCI further stated in its order that Amazon had hidden the real possibility of an agreement and made false and unreasonable statements while seeking approval for the 2019 agreement.