CAIT files plea with CCI against Amazon-More deal

Delhi-based traders’ body, the Confederation of All India Traders (CAIT) on Monday said it has filed a petition with the Competition Commission of India (CCI) against Amazon, challenging the American e-commerce giant’s takeover of More Retail’s stores in India.
CAIT files plea with CCI against Amazon-More deal
Representative image

New Delhi

CAIT has alleged that Amazon misrepresented facts, while seeking and obtaining approval of CCI for takeover of More Retail’s stores. The trader body said that Amazon has taken over More Retail through Samara Alternate Investment Fund (Samara AIF), which owns 51 per cent equity in Witzig Advisory LLP that in-turn owns More Retail Ltd. It further said that Amazon has obtained approval from CCI for the above takeover of More Retail Limited by suppression and concealment.
As is the case with Future, Amazon has represented to CCI that it has made only a financial investment in Witzig and not invested in More Retail. Further, the rights Amazon has acquired over More Retail Limited are only investment protection rights and Amazon has no strategic interest in More Retail, it added.
Citing Amazon deals, the CAIT alleged that Amazon wants to control Indian retail companies to capture the physical retail trade and inventory-based e-commerce in India, causing enormous harm to the traders. Amazon is locked in multiple legal battles in India. In a setback to the company, anti-trust watchdog CCI recently suspended nod to its 2019 deal with Future Retail, citing concealment of information while seeking regulatory approval.

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