Indian antitrust watchdog has withdrawn approval of Amazon’s 2019 investment in a Future Group unit and imposed a fine of around $ 26.3 million on US e-commerce giant to hide the facts.
India’s Competition Commission said Amazon, which invested over $ 100 million in future coupons, suppressed the “actual purpose” and details of the deal and failed to notify any commercial agreements.
“Amazon’s conduct in suppressing relevant and material documents against the disclosure requirement under section 8.8 of Form I is a violation of section (c) of subsection (1) of section 45 of the Act,” CCI said in a 59-page order Friday.
Amazon, which is required to pay the fine within 60 days, did not immediately respond to a request for comment.
The development follows after Amazon warned the Indian antitrust body that the withdrawal of its 2019 agreement with Future Group would send a negative signal to foreign investors and allow Reliance, the owner of India’s largest retail chain, to ” further restrict competition. “