CAIT files new CCI complaint against Amazon over More Retail takeover bid
The Confederation of All India Traders filed a complaint with the Competition Commission of India on January 24 against Amazon for allegedly committing fraud while asking for approval to take over More Retail.
“It amply exposes the sinister designs of Amazon to control Indian retail companies in a fraudulent manner to capture the physical retail trade and inventory-based e-commerce in India causing enormous harm to the traders,” said CAIT in a statement, the Press Trust of India reported.
CAIT alleged that Amazon knowingly misrepresented facts in order to mislead the CCI about its plans to take over More Retails store network in India. CAIT alleged that Amazon committed the same fraud when it was seeking to take over Future Retail.
According to the traders’ body, Amazon took over More Retail through Samara Alternate Investment Fund which owns a 51% equity stake in Witzig Advisory LLP which in-turn is the owner of More Retail Limited. CAIT said that this goes against Indian regulations.
“As is the case with Future, Amazon has represented to CCI that (a) Amazon has made only a financial investment in Witzig,” said CAIT in its official complaint. “It has not invested in More Retail; (b) the rights Amazon has acquired over More Retail Limited are only investment protection rights and Amazon has no strategic interest in More Retail.”
CAIT has protested against Amazon’s business operations in India through a mix of media campaigns, strikes, protests, boycotts, and other methods. The organisation believes that the U.S. business is monopolising India’s e-commerce market and harming the interests of Indian businesses.
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