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CCI slaps fine on Amazon

Date: 20 December 2021 Tags: Miscellaneous
  • The Competition Commission of India (CCI) froze its approval given in November 2019 to Amazon’s investment in a Future Group unit
  • The decision comes on the grounds that the U.S. e-commerce company had suppressed the scope and full details of its investment while seeking regulatory approval.
  • The antitrust regulator also imposed a penalty of ?200 crore on Amazon for failing to notify the details of its ‘combination’, as required in law.
  • Amazon has 60 days to pay the monetary penalty. It has the same period to notify the combination afresh with “true, correct and complete information”.