Confederation of All India Traders (CAIT) on Sunday asked the government to take punitive action against the US marketplace for violating the laws in India.
The Traders’ body said, after the Competition Commission of India (CCI) recent order which suspended Amazon’s 2019 investment in the Future Group’s subsidiary Future Coupons Limited and imposed a penalty of INR 200 crore on them for concealing information about the deal.
In an order passed on Friday, the competition watchdog suspended the deal between both companies as the e-commerce giant failed to notify certain shareholder agreements and concealed the strategic purpose of the deal.
Meanwhile, CAIT had accused Amazon from the very first day when the deal happened. They said we were the first one who urged the CCI to revoke Amazon’s in-principle approval to buy Future Coupons.
The body further added, Such acts of by the US marketplace constitute as an act of cheating, criminal breach of trust, concealing information and therefore we demand from the central government to take punitive action by suspending their business operations here in India.
“Since this act also violates FEMA and FDI policy, therefore we urge the Enforcement Directorate to take the CCI order in the form of evidence and take immediate action against them. The order of CCI is more than enough for the government to act upon it,” it said.