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CCI accuses Amazon of concealing facts in 2019 Future Coupons deal: Report

In 2019, Amazon acquired a 49 percent stake in a promoter company called Future Coupons, and India's competition regulator had approved the deal. The Competition Commission of India (CCI) in a letter dated June 4 accused Amazon of concealing facts and making false submissions in 2019 when it sought approval for an investment in Future Coupons, Reuters reported on Wednesday. This news comes two days after the Supreme Court began hearing arguments on the legal battle between Future Retail and Amazon. Amazon's main argument in the case is that its 2019 deal to buy a 49% stake in Future Coupons has provisions that prevent Future Group from selling its Future Retail business to Reliance. Read: Amazon Vs Future Retail Reaches Supreme Court, Here’s All You Need To Know About The Case Why this matters? Both Reliance and Amazon are expanding their online and offline retail offerings to capture a larger share of India's huge consumer base. Reliance is trying to acquire Future Retail to do this, while Amazon is trying to prevent this deal from happening. The Future vs. Amazon legal battle has been going on since October 2020 and the Supreme Court’s verdict could be the final say in who gets their way. The latest CCI accusation complicates the situation, especially Amazon's case. What is CCI accusing Amazon of? CCI in a four-page letter accused Amazon of hiding its strategic interest in Future Retail when it sought approval for the 2019 deal, Reuters reported. "Amazon has concealed its strategic interest [...] Such interest…

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