CCI cancels Amazon-Future coupon deal, US fines Rs 200 crore – News18 Bangla


#NewDelhi: On Friday, the Competition Commission of India announced the cancellation of the agreement between Amazon and Future Coupons Private Limited. In addition, the company was fined Rs 200 crore for hiding multiple pieces of information while seeking permission from the CCI on the deal.

The CCI said in a statement that “there is an urgent need to re-examine the agreement. Amazon is being instructed to submit Form 2 within 60 days of receiving this order on the basis of subsection (2) of section 45.” Until then, the agreement will not be valid until November 26, 2019. Amazon has withheld some information while seeking permission for the agreement. “

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On November 18, the Delhi High Court asked the CCI to give a decision within two weeks on the cancellation of the Future-Amazon deal. The Confederation of All India Traders (CAIT) filed a public interest litigation against the CCI, sending a show-cause notice to Amazon in June. But no decision has been made. In addition, Future Retail Ltd. wrote a letter to CCI asking them to cancel their contract with Amazon. The letter alleges that Amazon provided the exact opposite information when seeking permission from the CCI. He hid the information, misinterpreted it and presented false information before the commission.

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CCI chairman Ashok Kumar Gupta said in the letter that there was no acceptance of the Future-Amazon deal due to misrepresentation or concealment of information by Amazon. Future also called for the termination of the agreement with Amazon. All in all, the CCI announced its decision on Friday.

In November 2019, CCI allowed Amazon to enter into an agreement with Future Coupon. The Competition Commission of India declared the agreement void.

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