Amazon and Future Group officials summoned by the ED over 2019 deal
When Amazon invested Future Coupons, in 2019, the ED looked into whether there were any violations of foreign investment regulations.
According to people with firsthand knowledge of the subject, the Enforcement Directorate summoned officials from Amazon.com Inc and its rival Future Group in a case involving alleged violations of foreign investment laws.
An Amazon representative told Reuters on Sunday that the company has received a summons in relation with the Future Group.
"As we have just received the summons, we are examining it and will respond within the given time frame," the spokesperson said.
When Amazon invested $200 million in Future's gift voucher unit, Future Coupons, in 2019, the Enforcement Directorate looked into whether there were any violations of foreign investment regulations. The transaction is at the centre of ongoing legal battles between the two companies.
At least two top Future Group officials have been summoned to testify before the Enforcement Directorate in the week of December 6, according to a source with direct knowledge of the subject who declined to be identified because the matter is private.
Another source familiar with the situation claimed that at least two Amazon India executives, including the company's legal chief, have been summoned.
Future Group and Enforcement Directorate spokespersons did not immediately reply to demands for comment.
