Mumbai (Maharashtra) [India], October 17 (ANI/NewsVoir): Think360.ai, India's leading AI products and solutions company announced its entry into the open banking space with an intention of maximizing the potential of the data in the Account Aggregator ecosystem with the launch of AAmaze. AAmaze's AI-powered platform deep-dives into the rich open data framework, to support cash flow-based lending, custom savings and money management solutions for customers (even with no prior credit history) including both MSMEs and individuals.
New Delhi [India], June 13 (ANI): The National Company Law Appellate Tribunal (NCLAT) on Monday rejected Amazon's plea challenging the decision of the Competition Commission of India (CCI) to suspend the approval for the investment deal between the e-commerce giant and a Future Group company.
New Delhi Apr 23 PTI Reliance Industries on Saturday said its Rs 24713-crore deal with the Future Group cannot go ahead as secured creditors of the latter have voted against it In a regulatory filing Reliance said Future Group companies comprising Future Retail Limited FRL and other listed companies involved in the scheme have intimated the results of the voting on the scheme of arrangement by their shareholders and creditors at their respective meetings The secured creditors of FRL have voted against the scheme In view thereof the subject scheme of arrangement cannot be implemented said RIL while updating on the scheme of arrangement for the transfer of retail and wholesale business and the logistics and warehousing business of Future Group to its subsidiary Reliance Retail Ventures Ltd RRVL and Reliance Retail and Fashion Lifestyle Ltd RRFLL In August 2020 Future Group announced the Rs 24713-crore deal to sell 19 companies operating in retail wholesale logistics and warehousing segments to Reliance Retail Ventures Ltd RRVL RRVL is the holding company of all the retail companies under the RIL Group PTIKRH DRR
New Delhi [India], March 3 (ANI): An advocate of US e-commerce giant Amazon on Thursday proposed before the Supreme Court to have informal dialogue with the Future Group to settle the ongoing dispute between the parties amicably.
New Delhi [India], February 9 (ANI): The Supreme Court on Wednesday issued notice to the Future Group on an appeal filed by US-based e-commerce giant Amazon against a division bench order of Delhi High Court staying further arbitration proceedings between the two companies before the Singapore Tribunal.
New Delhi [India], January 5 (ANI): The Delhi High Court's Division Bench on Wednesday stays arbitration proceedings before the Singapore tribunal in the Future Group-Amazon case.
New Delhi [india], January 5 (ANI): The Division Bench of Delhi High Court on Wednesday agreed to urgently hear on Wednesday itself an appeal of Future Group challenging single bench order.
New Delhi [India], December 23 (ANI): Amazon has filed a writ petition against Enforcement Directorate (ED) in Delhi High Court seeking clarification on "unnecessary" summons to its employees and questioning the scope of its investigation in alleged FEMA violation in the Future Group deal.
New Delhi Dec 17 PTI In a significant development the Competition Commission on Friday suspended its more than two-year-old approval for Amazons deal with Future Coupons and imposed a Rs 202 crore penalty on the e-commerce major for failure to furnish true and complete details about the transaction The ruling by CCI assumes significance amid the long-drawn bitter legal battle between Amazon and Future Group over the Indian entitys proposed Rs 24713 crore-deal with Reliance Retail Ventures Ltd RRVL Deals beyond a certain threshold require CCI nod and it is quite rare for the watchdog to suspend an approval In a 57-page order the regulator noted that the contraventions of the competition law have arisen from a deliberate design on the part of Amazon to suppress the actual scope and purpose of the combination Consequently fines totalling Rs 2 crore have been imposed on Amazon For failure to notify the combination in the requisite terms the watchdog has also slapped a penalty of Rs 200 crore The combination pertained to Amazon acquiring 49 per cent stake in Future Coupons through three levels of transactions The watchdog noted that Amazon had failed to disclose true and complete details of the purpose of the combination which were required to be given while seeking the approval Amazon had supressed the actual scope of the combination and had made false and incorrect statements in relation to the BCAs Business Commercial Agreements which are intertwined into the scope and purpose of the combination the order said CCI also said since the combination is between players who are known in the online marketplace and offline retailing and have contemplated strategic alignment between their businesses it has decided to examine the combination afresh A time period of 60 days starting from the date of receiving the order has been given to Amazon to file a notice with true correct and complete information Till disposal of the notice CCI said the approval granted for the combination on November 28 2019 shall remain in abeyance The parties involved in the combination were Amazoncom NV Investment Holdings LLC Amazon -- a direct subsidiary of Amazoncom Inc -- and Future Coupons We are reviewing the order passed by the Competition Commission of India and will decide on next steps in due course an Amazon spokesperson said in a statement Amazon had initiated arbitration proceedings against Future Group with respect to proposed transfer of assets of Future Retail Future Coupons told CCI that submissions made by Amazon before the regulator and the arbitrator were contradictory Subsequently CCI issued a show cause notice to Amazon in June this year Further Amazon had misrepresented that its decision to pursue the combination was based on the unique business model of FCPL Future Coupons Pvt Ltd and that FRL Future Retail Ltd a company with strong financials and futuristic outlook is relevant to the combination only from the perspective of financial strength to FCPL CCI said The watchdog also pointed out that it has no hesitation to hold that the conduct of Amazon amounts to suppression and misrepresentation of the purpose of the combination which is a material particular adding that those are in contravention of competition norms Similarly the rights over FRL that were considered as strategic in the internal correspondence of Amazon were represented as mere investor protection rights Such repeated assertions contrary to their actual purport amount to statements that are false in material particular in contravention of the provisions contained in clauses a and b of Section 44 and clause a of sub section 1 of Section 45 of the Act the order said Citing Amazons internal correspondence CCI said it clearly highlights that the rights of Amazon over FRL are at the heart of the negotiations and the need for FRL SHA Shareholding Agreement was to achieve the said objective of the combination Apart from not giving a single notice covering all the inter-connected steps of the combination Amazon also failed to give true and complete disclosure with respect to substance of its combination the FRL SHA was pursued to ensure that the business of FRL become a strategic asset for Amazon to expand and enhance its ultra-fast delivery services CCI said The Confederation of All India Traders CAIT said suspension of the deal by CCI is a landmark order and that Amazon stands fully exposed for its malpractices and bunch of lies at all levels together with continued violation of laws and the rules In a statement CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said the CCI order is the first concrete result of more than two years of rigorous efforts of the grouping for bringing misdeeds of Amazon to light CAIT has also demanded immediate suspension of Amazon portal in India the statement said CAIT had filed a Public Interest Litigation PIL before the Delhi High Court seeking an expeditious disposal of the matter that was being dealt by CCI While approving the deal in November 2019 CCI had also mentioned the order shall stand revoked if at any time the information provided by the acquirer was found to be incorrect This approval should not be construed as immunity in any manner from subsequent proceedings before the Commission for violations of other provisions of the Competition Act it had said On November 29 the Supreme Court gave two more weeks time to Amazon to appear and argue before CCI which had declined adjournment of hearing in a case related to revocation of approval given to the e-retailer for the deal with Future Coupons In August 2019 Amazon had agreed to purchase 49 per cent in unlisted Future Coupons which owns 73 per cent equity in listed Future Retail through convertible warrants with the right to buy into the flagship Future Retail after a period of 3 to 10 years In August 2020 RRVL said it will acquire the retail and wholesale business and the logistics and warehousing business of Future Group for Rs 24713 crore The scheme of arrangement entails the consolidation of Future Groups retail and wholesale assets into one entity Future Enterprises Ltd and then transferring it to Reliance Retail PTI RAM ABM ABM
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