New Delhi: Independent Director at Big Bazaar Parent – Future Retail (FRL) – has fired fresh Salvo on Amazon by accusing that the representation made by Amazon in the application to the Indian Competition Commission (CCI) for future coupon approval (CCI) FCPL transactions ) “Fully opposite” and contrary to internal correspondence ONEFENCE and records submitted to court.
In a letter sent to CCI on Sunday, the Toi has been reviewed, the Board of Directors quoted its contents from the letter by Amazon’s legal counsel in India to the founder of Jeff Bezos, where it was stated that the initial detestation was planned to invest in FCPL through a foreign portfolio investment route.
But after the government tweaked the direct foreign investment regulations for the online market through Press Note 2 in 2018, “the investment structure was converted into an Amazon investment in the Twin-Entity investment structure, namely Amazon will invest in FCPL and the FLL will obtain 9.82% of FRL.
.
“Through amendments, the government has banned the market for foreign e-commerce from the sale of products from the seller where they have equity shares.
In the letter to the CCI who approached the first heel where Amazon was accused of violating the FDI India regulation, the Board of Directors accused that Amazon represents his rights as “investment protection rights” to CCI, the rights obtained by Amazon ended FRL is “strategic”.
While Amazon, who did not comment on this story, has been maintained before several courts that the rights of protection to protect their investment in FCPL, Director FRL accused the price paid for FCPL shares has been determined by Amazon based on FRL.
evaluation.