The Enforcement Directorate has summoned Amazon India Country Head Amit Agarwal and other officials to inquire about Amazon’s deal with future coupons in 2019, aiming to determine if there was a violation of FEMA (Foreign Exchange Management Act) in the agreement that had been seen Amazon acquires a 49 percent stake in the company led by Kishore-Biyani.
Amazon has confirmed the subpoena, saying: “Receiving the subpoena issued by ED in relation to Future Group (settlement). (We) have received the subpoena and are reviewing it and will respond within the stated time frame.”
The agency has also summoned Future Group promoters and officials to verify documents and evidence.
Notably, FCPL owns a 10 percent stake in Future Retail, the parent entity that also manages Big Bazaar, Food Bazaar, etc.
Amazon had mobilized the Supreme Court against an order from the Delhi High Court ordering the Competition Commission of India (ICC) to decide within two weeks on a PIL filed by the Confederation of All India Traders Association (CAIT ) in connection with the agreement.
First published: IST