Competition Commission of India suspends approval for Amazon-Future Coupons deal
The approval was given by the regulator back in November 2019 for Amazons deal to buy 49 per cent stake in Future Coupons.
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.
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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.
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