CCI suspends Amazon’s deal with Future Coupons, imposes 200 crore penalty
By MYBRANDBOOK
The Competition Commission of India suspended its more than two-year-old approval for Amazon's deal to acquire stakes in retailer Future Coupons Private Limited.
The CCI also imposed a Rs.202 crore penalty on the e-commerce firm. The regulator said Amazon had “suppressed the actual scope” of the deal and had made “false and incorrect statements” amid seeking approvals to invest in Future Group two years ago, considering “to investigate the combination deal as necessary.”
Amazon had agreed to purchase 49% in unlisted Future Coupons, which owns 7.3% equity in listed Future Retail through convertible warrants, with the right to buy into the flagship Future Retail after a period of 3 to 10 years.
Citing certain contraventions, CCI said those have arisen “from a deliberate design on the part of Amazon to suppress the actual scope and purpose of the combination” and finds no mitigating factor.
“This approval should not be construed as immunity in any manner from subsequent proceedings before the Commission for violations of other provisions of the (Competition) Act,” it said.
The Commission said it would examine the Amazon-Future deal afresh, “given that the combination is between players who are known in the online marketplace and offline retailing and they have contemplated strategic alignment between their businesses”.
BREAKING NEWS
TECHNO TRENDS
GST Council likely to reduce tax on food delivery to 5%
The Goods and Services Tax (GST) Council is reportedly considering a prop...
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
E-Magazine
TECHNOTAINMENT
Pushpa 2 leaks online after recording highest pre-sales in Ind
Pushpa 2, which is one of the most anticipated films of the year, has had a
Eloelo teams up with Elvish Yadav for India's biggest digital
Eloelo, India’s leading platform for live entertainment and creator-drive
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
HP INDIA SALES PVT. LTD.
LAVA INTERNATIONAL LTD.
EXATRON SERVERS MANUFACTURING PVT. LTD.
ZOHO CORPORATION PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
ICONS OF INDIA : VIJAY SHEKHAR SHARMA
Vijay Shekhar Sharma is an Indian technology entrepreneur and multimil...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
PARTNER SPEAKERS
PSU
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
