New Delhi: The Market Competition Authority has suspended the approval of a deal between Amazon and Future Coupons and imposed a fine of Rs 202 crore on Amazon.
Following this, shares of all companies belonging to Future Group reached the maximum selling limit between yesterday’s trading. Shares of all companies rose nearly 20 percent. The commission said Amazon had failed to provide complete, clear information about the 2019 deal between Future Group and Amazon.
Amazon has filed a lawsuit against Reliance Retail Ventures, led by Mukesh Ambani, alleging that it had the first right to refuse to buy Future Group’s retail business for Rs 24,713 crore.
In this case, the Commission has announced that it will suspend the approval of the agreement between Amazon and Future.
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