Reliance Retail is expected to ask the CCI courts to close all cases pending the sale of its assets. It has been reported that Future Group may issue CCI orders to all courts and companies that have been hearing disputes between Future Group and Amazon for the past one year. Future Group is said to be claiming in the courts that there is no basis for those cases as the CCI has now suspended the contract. In this, there is no reply to the email sent to Amazon by the CCI order to reply to Amazon within 60 days without responding to the email sent to Future Group.
CCI on Friday canceled Amazon’s investment in Future Coupons Private Limited (FCPL). This investment is the basis of the Amazon-Future relationship. In addition, the sale of Future Group’s retail unit to Reliance Retail is Amazon’s sole basis. The CCI, in its order, alleges that the Amazon Commission was misled by misrepresentations and material deficiencies and failed to comply with the Amazon agreement and business arrangements. It is also reported that Amazon has crushed the real purpose and details of this deal.
Last year, Reliance Retail, a subsidiary of Mukesh Ambani-owned Reliance Industries, was sold for Rs 24,713 crore. Amazon successfully used these investment terms in 2019 to stop Future Group’s attempt to sell a total of $ 1 billion in retail assets. Several regulatory bodies, including SEBI, CCI and NCLT, have complained about the deal. Amazon argued that it had the first right to refuse to buy shares of Future Group under its terms and conditions for investing in FCPL. 1,431 crore to buy 49 shares. India’s foreign direct investment and foreign exchange laws have been accused of covering up CCI’s approval to invest.
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