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AMAZON.COM, INC.

(AMZN)
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India's law enforcement agency summons Amazon, Future Group officials over 2019 deal

11/28/2021 | 12:49am EST
FILE PHOTO: Shopping carts are parked at the Big Bazaar retail store in Mumbai

NEW DELHI (Reuters) - India's economic crime-fighting agency summoned officials of Amazon.com Inc <AMZN.O > and its warring partner Future Group in a case related to alleged violation of foreign investment rules, according to sources with direct knowledge of the matter.

Amazon received a summons issued by India's Enforcement Directorate in connection with the Future Group, an Amazon spokesperson told Reuters on Sunday.

"As we have just received the summons, we are examining it and will respond within the given time frame," the spokesperson said.

The Enforcement Directorate has been investigating whether there were any violations of foreign investment laws when Amazon made a $200 million investment in Future's gift voucher unit, Future Coupons, in 2019. The deal is at the heart of ongoing legal disputes between the two firms.

At least two senior Future Group executives have been summoned to appear before the Enforcement Directorate in the week of Dec. 6, a source with direct knowledge of the matter told Reuters, declining to be named as the matter was not public.

At least two Amazon India executives, including its legal head, have also been summoned, another source with knowledge of the matter said.

Spokespersons for the Future Group and the Enforcement Directorate did not immediately respond to requests for comment.

(Reporting by Aditya Kalra and Zeba Siddiqui in NEW DELHI; Editing by Simon Cameron-Moore)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.91% 3093 Delayed Quote.-6.25%
FUTURE RETAIL LIMITED -1.77% 49.9 Delayed Quote.-0.29%
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Financials (USD)
Sales 2021 470 B - -
Net income 2021 21 055 M - -
Net cash 2021 38 032 M - -
P/E ratio 2021 76,7x
Yield 2021 -
Capitalization 1 585 B 1 585 B -
EV / Sales 2021 3,29x
EV / Sales 2022 2,76x
Nbr of Employees 1 298 000
Free-Float 82,7%
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Number of Analysts 50
Last Close Price 3 125,98 $
Average target price 4 135,86 $
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Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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