Future Retail (FRL)-Amazon India deal: Delhi HC gives CCI two weeks for ruling
16 November 2021, Mumbai:
The Delhi High Court has ordered the Competition Commission of India (CCI) to dispose of in two weeks a petition to the competent authority by Future Coupons Pvt Ltd (FCPL) that had alleged Amazon of flouting India's foreign direct investment and foreign exchange laws while seeking approval in 2019 for Amazon's investment into FCPL, the promoter company of listed Future Retail Ltd (FRL).
The ruling came a day after the CCI had sent a notice to FCPL that the agency has scheduled hearings from both Amazon and FCPL on 4th January, acting on a March application filed by the Future Group promoter company that had also alleged the US-based e-commerce company of concealing facts and of providing false information to the commission while seeking approval for its 2019 investments into FCPL. ET
(The news article has not been edited by DFU Publications staff)