ED Summons Amazon India, Future Officials

The Enforcement Directorate (ED) has summoned Amazon’s Indian management, including its country head Amit Agarwal next week to its headquarters in Delhi, in connection with its dispute deal with Kishore Biyani-led Future Coupons Pvt Ltd (FCPL).

The ED has also issued summons to Future Group promoters and officials to cross-verify documents and the evidence it has collected so far in the matter.

The federal agency is examining whether Amazon was in breach of the Foreign Exchange Management Act (FEMA) when it invested Rs. 1,431 crores to purchase a 49% stake in FCPL in 2019 and if it complied with regulations. FCPL owns about 10% of Future Retail Ltd (FRL), the flagship entity that runs the Big Bazaar, Food Bazaar and Easy day chains.

In its response to ET’s queries, an Amazon spokesperson said:

“We are in receipt of summons issued by the ED in connection with Future Group. As we have just received the summons, we are examining it and will respond within the given time frame.” The Future Group didn’t respond to queries.

FEMA deals with foreign exchange-related contraventions and violations are primarily treated as civil offences. S-ET

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