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Business News/ Companies / News/  CAIT demands action against Amazon marketplace
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CAIT demands action against Amazon marketplace

CAIT had accused Amazon of not revealing its strategic interest in Future Retail while seeking approval for the deal

CCI’s orders could block Amazon’s efforts to stall the ₹24,700 crore deal between Reliance Retail Ventures Limited (RRVL) and Future Group entities. (REUTERS)Premium
CCI’s orders could block Amazon’s efforts to stall the 24,700 crore deal between Reliance Retail Ventures Limited (RRVL) and Future Group entities. (REUTERS)

New Delhi: Traders’ body Confederation of All India Traders (CAIT) on Sunday urged the government to take immediate action against Amazon days after the Competition Commission of India (CCI) suspended Amazon’s 2019 investment in a Future Group entity and imposed a penalty of 202 crore on the marketplace for suppressing information about the deal.

In an order passed on Friday, the anti-trust watchdog referred to various agreements between the entities of Amazon and the Future Group stating that Amazon allegedly failed to notify certain shareholder agreements and commercial arrangements involving Future Group as part of the combination between the parties and allegedly suppressed the actual purpose and particulars of the deal.

CAIT had accused Amazon of not revealing its strategic interest in Future Retail while seeking approval for the deal. In fact, CAIT had urged the CCI to revoke the 2019 approval granted by the anti-trust watchdog to Amazon for its deal with Future Coupons.

"Such acts of Amazon constitute as an act of cheating, criminal breach of trust, dishonest inducement, dishonest concealment and deception and therefore the CAIT has strongly demanded the Union Government to take immediate action by making an order for suspension of business operations of Amazon e-commerce portal," it said on Sunday.

CCI’s orders could block Amazon’s efforts to stall the 24,700 crore deal between Reliance Retail Ventures Limited (RRVL) and Future Group entities.

“Since this act also violates FEMA and FDI policy, the Enforcement Directorate has nothing more to do – the evidence is right before it in the form of CCI order and therefore the ED should take immediate action against Amazon. The order of the regulator CCI is more than enough for the Government to act," it said.

CAIT has sought “immediate audience" with the home minister, defence minister, commerce minister, finance minister and BJP president to take up its demand, it said.

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Published: 19 Dec 2021, 05:51 PM IST
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