India watchdog accuses Amazon of concealing facts in deal for Future Group unit

Published

5 years ago

July 22, 2021

India’s antitrust regulator has taken aim at retail giant Amazon

According to Reuters, the watchdog accused Amazon of concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit.

That letter complicates Amazon’s bitter legal battle with Future Group over the Indian firm’s decision to sell its retail assets to Reliance Industries.

That matter that is now before India’s Supreme Court

The US-based retail giant has argued that terms agreed upon in its 2019 deal had been misrepresented.

Amazon says the deal to pay $192 million for a 49% stake in Future’s gift voucher unit was to prevent its parent, Future Group, from selling its Future Retail Ltd business to Reliance.

Reuters states that in the letter dated June 4, the Competition Commission of India (CCI) stated that Amazon hid factual aspects of the transaction.

The CCI claimed Amazon did this by not revealing its strategic interest in Future Retail when it sought approval for the 2019 deal.

“The representations and conduct of Amazon before the Commission amounts to misrepresentation, making false statements and suppression or/and concealment of material facts,”

It also noted that its review of the submissions made had been prompted by a complaint from Future Group.

In the four-page letter, a so-called “show cause notice”, the CCI asked Amazon why it should not take action and penalise the company for providing false information.

Amazon has yet to respond, according to a source with direct knowledge of the matter who declined to be identified as the letter has not been made public.

Amazon said in a statement to Reuters it had received a letter, was committed to complying with India’s laws, and would extend its full cooperation to the CCI.

“We are confident that we will be able to address the CCI’s concerns,”

Representatives for Future and the CCI did not respond to Reuter’s requests for comment.

Australian Dollar surges: What $0.70 means for markets

Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.

Published

20 hours ago

February 18, 2026

Harvey Vargas

Australian dollar surges 5% to $0.70, impacting importers, exporters, and big miners amid rising interest rates.

The Australian dollar has jumped more than 5 percent against the U.S. dollar this year, now trading around $0.70. This rapid rise has sparked mixed reactions for importers and exporters as Australia’s materials sector shows signs of bouncing back, despite concerns over rising interest rates.

Dale Gilham from Wealth Within breaks down the factors behind the AUD surge, the implications for commodities, and what it means for big miners like BHP. From profits to strategy, we explore how the market is reacting to this currency shift.

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#AustralianDollar #AUD #Forex #Investing #Commodities #BHP #Mining #Markets

Money

S&P 500 rises as financial stocks lead and tech slips

S&P 500 rises 0.4% thanks to financial stocks; software struggles amidst AI concerns. Subscribe for updates!

Published

20 hours ago

February 18, 2026

Harvey Vargas

S&P 500 rises 0.4% thanks to financial stocks; software struggles amidst AI concerns. Subscribe for updates!

The S&P 500 climbed 0.4% on Tuesday, boosted by strong gains in financial stocks. Citigroup and JPMorgan led the rally, showing investors are rotating money into the sector as tech stocks faltered.

Meanwhile, software shares struggled, with ServiceNow, Autodesk, and Palo Alto Networks all seeing notable declines. Concerns around AI disruption continue to affect the software and financial sectors alike.

Market watchers are now turning their attention to upcoming inflation reports later this week, looking for signals that could shape the next moves in the market.

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Money

Australia’s GST debate heats up amid tax reform push

Australia debates GST expansion amid aging population pressures and personal income tax concerns; expert insights from Dr. Steven Enticott.

Published

2 days ago

February 17, 2026

Harvey Vargas

Australia debates GST expansion amid aging population pressures and personal income tax concerns; expert insights from Dr. Steven Enticott.

Australia is facing a fierce debate over tax reform, with fresh calls to broaden the Goods and Services Tax as the government searches for more stable revenue streams. With an ageing population putting pressure on health, pensions and long-term spending, economists argue the current reliance on personal income tax may not be sustainable.

Dr Steven Enticott from CIA Tax joins Ticker to break down the real impact of expanding the GST, including how it could affect lower-income households, whether taxing unrealised gains would change investor behaviour, and what compensation mechanisms could soften the blow on essential goods. The political risks are high, but so are the fiscal stakes.

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