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In major blow to Amazon, CCI revokes approval for Future Coupons deal and imposes penalty

The Amazon-Future Coupons deal made in 2019 has since led to an intense back and forth between the two companies.

In a major blow to Amazon, the Competition Commission of India (CCI) has suspended the approval it gave for Amazon's investment in Future Coupons in 2019 and has imposed a ₹200 crore penalty on the company for concealing information while seeking approval. In its 57-page order, CCI said that it has to examine the deal afresh because Amazon suppressed the actual scope and purpose of the deal and made false representations while seeking approval. Why this matters: This decision has significant ramifications on the ongoing legal battle between Future and Amazon because Amazon has so far used its investment in Future Coupons to block the sale of Future Retail to Reliance. 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 retail, wholesale, and logistics business in a deal worth Rs 24,713 crore. Amazon objected to this acquisition saying it had the right of first refusal because of its stake in Future Coupons. Both Amazon and Future have been engaged in a legal battle over this issue since October 2020. Everything You Need To Know About The Amazon Vs Reliance And Future Retail Case and Round-Up Of All The Recent Updates In The Amazon Vs Future Retail Case What prompted CCI…

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