India’s competiton regulator has accused Amazon.com Inc of concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit.
In the letter dated June 4, the Competition Commission of India (CCI) said Amazon hid factual aspects of the transaction by not revealing its strategic interest in Future Retail when it sought approval for the 2019 deal.
Future on Thursday submitted a copy of the show-cause notice before the Supreme Court. Amazon confirmed the notice but said as the matter was sub-judice “we are unable to comment on the merits or substance of any allegations at this stage”.
In the Supreme Court hearing, Amazon said the Biyanis are bound by Singapore's Emergency Arbitrator (EA) award restraining its Future Retail Ltd from proceeding with the Rs 24,713 crore deal with Reliance Retail.
Senior advocate Gopal Subramanium who argued for Amazon said that the EA had rightly held the group of companies doctrine is applicable in the case and the Future group company cannot take the plea that the award was not enforceable as it was not party to the arbitral proceedings or the agreements.
