Money

Amazon challenges India's antitrust suspension of 2019 Future deal-sources


2/2

© Reuters. FILE PHOTO: The logo of Amazon is pictured inside the company’s office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. Chinnappa

2/2

By Aditya Kalra

NEW DELHI (Reuters) – Amazon.com Inc (NASDAQ:) has filed a legal challenge at an Indian tribunal against the national antitrust agency’s supension of a 2019 deal it had with Indian retailer Future Group, two sources with direct knowledge told Reuters on Sunday.

India’s antitrust agency suspended its approval of Amazon.com’s 2019 deal with Future Group last month, potentially denting the U.S. e-commerce giant’s attempts to block the sale of Future’s retail assets to an Indian market leader.

The suspension has jolted Amazon as it subsequently led to a halt in the arbitration proceedings between the two sides in a long-running commercial dispute.

Amazon has long argued that Future violated the terms of its 2019 deal in deciding to sell retail assets to market leader Reliance Industries, and the U.S. company’s position had so far been backed by the Singapore arbitrator and Indian courts. Future denies any wrongdoing.

But the Competition Commission of India (CCI) last month suspended that deal saying Amazon suppressed information while seeking clearances for the deal back then.

Amazon filed an appeal against CCI’s decision at India’s National Company Law Appellate Tribunal late on Saturday night, the two sources said.

The appeal will be heard later this week, said one of the persons.

Amazon did not immediately respond to a request for comment. The CCI also did not respond.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.