India court orders antitrust body to rule on Amazon-Future dispute within two weeks

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NEW DELHI, Nov 16 (Businesshala) – An Indian court ruled on Tuesday that the country’s antitrust body has two weeks to decide whether Amazon (AMZN.O) will buy India’s Future Group, the Indian conglomerate While seeking approval for the 2019 deal with Retailers said.

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The Confederation of All India Traders (CAIT) said in a statement that it had filed the case in the Delhi High Court on Monday and the verdict was delivered on Tuesday.

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Amazon and Future have been the second largest retailers in India locked in a legal battle since last year, The e-commerce giant successfully stalled Future’s bid to sell its retail assets to rival Reliance (RELI.NS) for $3.4 billion, accusing its partner of breaching some of the pre-existing agreements.

Future, who denies any wrongdoing and fears of liquidation if he fails to sell the property, arguing Before the Competition Commission of India (CCI) that the approval for the 2019 Amazon deal should be revoked because the US firm had made misleading representations while seeking approval. Amazon has said it is confident of addressing such regulatory concerns.

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On Tuesday, CAIT said the antitrust body should not delay in taking a decision on the matter, which has a bearing on public interest and may affect their businesses if the Future-Reliance deal fails.

After the two-judge panel said the CCI should decide on the dispute between Amazon and Future within two weeks, the retail group said in its statement, “The merchants should not be made a scapegoat or face any financial loss.” Shouldn’t.”

CCI and Amazon did not respond to a request for comment.

At the center of the two companies’ legal dispute is Amazon’s deal to invest $200 million in Future Coupons, a unit of Future Group, in 2019.

A person familiar with the matter said on Tuesday that it would be unprecedented for the CCI to completely scrap a deal even if there was a misrepresentation, but any decision could affect the ongoing dispute.

“If there is no (2019) transaction, there is no dispute between Amazon, Future,” said the source, who asked not to be identified because the person was not authorized to speak to the media.

In July, Businesshala especially The report said the CCI reviewed a complaint by Future and then on Amazon seeking approval to invest in the Future Group unit in 2019, after a comparison of legal disclosures made by Amazon on multiple forums. Accused of concealing facts.

Amazon told Businesshala at the time that it was confident of allaying the watchdog’s concerns.

Reporting by Aditya Kalra and Abhirup Roy; Editing by Ana Nicolaci da Costa

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