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Future Retail Independent Directors ask CCI to revoke approval of Amazon’s investment in Future Coupons

The independent directors alleged that Amazon is harming the livelihood of lakhs of people.

The independent directors of Future Retail on November 7 sent a letter to the Competition Commission of India (CCI) asking the antitrust watchdog to revoke the approval given to Amazon's acquisition of Future Coupons in 2019. "It is clear that Amazon has concealed facts, made misrepresentations and false representations to the Commission," the directors wrote. The Confederation of All India Traders (CAIT) on November 8, based on the arguments made by the independent directors', wrote its own letter asking CCI for the same. Recap: In November 2019, Amazon received approval to acquire a 49 percent equity in Future Coupons, the promoter entity of Future Retail, which operates 900 stores in India. Since Future Coupons owned a 7.3 percent stake in Future Retail, the deal gave Amazon a 3.58 percent stake in Future Retail. Then, in August 2020, Reliance announced that it will buy most of Future Group’s…

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