Deepak Gupta | Nov 7, 2021 |
Future Retail independent directors claim that Amazon transaction violates FEMA & FDI rules
Future Retail Ltd’s independent directors have urged the Competition Commission to revoke the approval given two years ago for Amazon’s deal with Future Coupons, alleging that the e-commerce major made false statements in order to obtain the regulatory nod.
The independent directors of Future Retail Ltd (FRL) wrote to the Chairman of the Competition Commission of India (CCI) on the matter on Sunday.
According to the independent directors’ letter to the CCI, the CCI should immediately confirm the revocation of Amazon’s approval for its investment in Future Coupons Pvt Ltd (FCPL).
“Time is of the essence, and the Commission must act quickly.” Any delay would have serious consequences,” it added.
FRL has submitted a copy of the letter to the stock exchanges. The letter can be downloaded from below mentioned link:
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