ED summons Future Group officials, including Amazon India chief

New Delhi: The top management of Amazon and Future Coupons Pvt Ltd (FCPL) has been summoned by the Enforcement Directorate (ED) to its headquarters in New Delhi next week. The ED has issued summons to Amit Agarwal, head of Amazon India and promoters of Future Group and asked the authorities to cross-examine the documents collected so far.

Did Amazon violate the provisions of the Foreign Exchange Management Act (FEMA) when it bought a 49% stake in Future Coupon in 2019? The ED is investigating. FCPL has a 10% stake in Future Retail. FCPL is the promoter of Big Bazaar, the food market. And Easyday retail stores also belong to FCPL.

We have received summons issued by ED in respect of Future Group. “Since we have just received the summons, we are investigating and will respond within the given time frame,” Amazon explained. The ED is also investigating the control rights granted to Amazon in Future Retail, including the acquisition of a stake in FCPL in 2019.
Multinational retailer Amazon has claimed control of Future Retail by purchasing a 49% stake in FCPL in 2019.

The Delhi High Court has ruled that Amazon has indirect control over Future Retail without the government’s approval. Amazon is expected to co-operate in the ED’s investigation and both companies have been asked to provide documents regarding the agreement, including personal finances, it said.

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In March 2021, Future Group promoter FCPL had lodged a complaint with the CCI alleging that Amazon had obtained the competition’s watchdog’s approval for an investment of Rs 1,431 crore to buy a 49 per cent stake in FCPL in 2019.

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