India's antitrust body on Friday suspended Amazon.com's 2019 deal with Future Group following a review of allegations that the U.S. e-commerce giant had concealed information while seeking regulatory approval.
The unprecedented step taken by the Competition Commission of India (CCI) could have far-reaching consequences on Amazon's legal battles with now estranged partner Future. The U.S. firm has for months successfully used the terms of its toehold $200 million investment in 2019 to block Future's attempt to sell retail assets to Reliance Industries for $3.4 billion.
In a 57-page order, the CCI said it considers "it necessary to examine the combination (deal) afresh," adding its approval from 2019 shall "shall remain in abeyance" until then.
Amazon had "suppressed the actual scope" of the deal and had made "false and incorrect statements" while seeking approvals, the CCI order added.
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