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Enforcement Directorate seeks documents from Future Group on disputed deal with Amazon

By Deeksha Sinha      10 November, 2021 07:15 PM      0 Comments
Enforcement Directorate seeks documents from Future Group on disputed deal with Amazon

The Enforcement Directorate has ordered Future Group to submit documents related to the 2019 Amazon deal as a part of investigation pertaining breach of foreign investment law. 

The demand indicates rivalry between Amazon and Future Group after the Indian company decided to sell its assets to Reliance Industries.

Amazon has argued that Future Group has violated its contract while entering into the sale. With regard to this Future group argued that Amazon is taking up illegal control of Indian Firms by indulging in their decision making. 

On October 28, 2021, the Enforcement Directorate issued a notice to Future Group asking it to submit all documents as well as emails that took place between Amazon and itself in respect to the investment made by the US Firm in Future Group two years ago. 

As per direct sources, the notice was part of the ongoing investigation made by the Indian Agency to check if there was any violation of foreign investment law when Amazon made an investment of 200 million dollar in Future group voucher unit, Future's Coupons.

The notice was not previously reported but rather sent to Future Coupons wherein they were given 15 days to respond. 

The Enforcement Directorate did not respond for comment. Amazon as well as Future Group also remained unavailable for comment. 

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