New Delhi, Nov 28, : The Enforcement Directorate has summoned Amazon India’s management to appear in court as part of a Foreign Exchange Management Act case. According to a source, Amazon India’s top management, including its head Amit Agarwal, was summoned by ED to attend a meeting next week.
According to the source, they were asked to participate in the probe on December 6.
The ED is investigating alleged irregularities in the Amazon Future Retail Promoter Entity Future Coupons Pvt Ltd deal (FCPL), whereby Amazon bought stakes in FCPL for Rs 1,400 crore in 2019.
The agency has requested both companies to provide all documents related to the deal.
The financial investigation agency is investigating alleged FEMA violations by Amazon after it bought stakes at FCPL in 2019.
FCPL holds a 10% stake in Future Retail, which is the promoter that operates Big Bazaar, Food Bazaar, and Easyday retail stores.
The agency is also investigating whether Amazon has taken control of Future Retail through its purchase in FCPL in 2019.
It is claimed that Future Group promoter FCPL complained to the Competition Commission of India in March that Amazon had allegedly concealed and misrepresented facts while seeking approval from the competition watchdog for its Rs 1,431 crore investment in FCPL to purchase a 49% stake in 2019.
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