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India’s antitrust body suspends Amazon’s 2019 deal with Future citing suppression of information -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: REUTERS/Abhishek T. Chinnappa

NEW DELHI, (Reuters) – India’s antitrust regulator on Friday suspended Amazon.com’s 2019 deal (NASDAQ:) with Future Group after a review that found the U.S. ecommerce giant concealed data while seeking regulatory approval.

CCI’s unprecedented move could have severe consequences on Amazon and Future’s legal disputes. To block Future from trying to sell its retail assets to Reliance Industries, the U.S. company has used for many months with success the terms of its $200 million toehold investment in 2019.

CCI stated in a 57-page document that “it is necessary to examine (the combination) afresh” and added its 2019 approval “shall be kept in abeyance” up until then.

The CCI ordered added that Amazon “suppressed” the “actual scope” of the agreement and made “false statements and errors” when seeking approvals.

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