Amazon India head and Future Group officials summoned by ED over 2019 deal irregularities

Future Group's independent directors wrote to CCI in mid-November, requesting that the 2019 deal between Amazon and Future Coupons be investigated (FCPL). They claim that Amazon made false representations, violated FEMA laws, and misled CCI in order to gain control of Future Retail (FRL) through FCPL.

The Enforcement Directorate (ED) summoned Amazon India head Amit Agarwal and Future Group officials to verify documents and evidence in the case of alleged irregularities in the said deal. The ED will investigate whether Amazon violated Indian law regarding foreign exchange when it invested INR 1,431 Cr in 2019 to purchase a 49 percent stake in FCPL and whether it complied with regulations.

Future's independent directors have filed two applications with CCI alleging misrepresentation on Amazon's behalf in order to invest in Future Retail through Future Coupons. From the SIAC to the Delhi High Court, the Supreme Court is now hearing the case between Amazon and Future, which will be heard on December 8th.

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