Amazon intended Future Group (FRL) to withdraw complaints filed with Competition Commission of India (CCI)

22 November 2021, Mumbai:

In a meeting held about a month ago between executives from both companies, people familiar with the matter said Amazon had also asked Future Group for generous compensation in return for withdrawing its objections to the Reliance deal.

The six-hour meeting was attended by Future Group's founder Kishore Biyani and other officials, while Amazon India's legal head Rakesh Bakshi and other executives represented the US giant.

Amazon last month asked Future Group to withdraw its applications, which accuse the US company of flouting foreign investment and Foreign Exchange Management Act (FEMA) rules by misrepresenting facts, from the Competition Commission of India, said people familiar with the matter.

This withdrawal was meant to be a prelude to a possible out-of-court settlement over the dispute that has arisen between the two companies over the proposed sale of Future's retail assets to Reliance Retail.

In a meeting held about a month ago between executives from both companies, people familiar with the matter said Amazon had also asked Future Group for generous compensation in return for withdrawing its objections to the Reliance deal. The six-hour meeting was attended by Future Group's founder Kishore Biyani and other officials, while Amazon India's legal head Rakesh Bakshi and other executives represented the US giant. ET

(The news article has not been edited by DFU Publications staff)

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