CAIT accuses Amazon of fraud during "More" Retail takeover
27 January 2022, Mumbai:
The Confederation of All India Traders (CAIT) has accused Amazon of committing fraud while asking for approval to take over More Retail.
The traders’ body filed a complaint with the Competition Commission of India (CCI) regarding the same on January 24. CAIT has accused Amazon of deliberately misrepresenting facts to mislead the CCI about its plans to take over More Retail’s store network in India.
The e-commerce company took over More Retail through Samara Alternate Investment Fund which owns a 51 per cent equity stake in Witzig Advisory LLP which in-turn is the owner of More Retail, says CAIT.
CAIT believes, the US business is trying to monopolise India’s e-commerce market and harming the interest of Indian businesses.
The traders’ body has protested against Amazon’s business operations in India through a mix of media campaigns, strikes, protests, boycotts, and other methods.
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