Amazon faces ED probe for alleged violation of the foreign exchange laws and rules of the country
The Delhi HC says that the company s attempt to control Future Retail through a series of agreements is a violation of the FDI laws.
Jan 29, 2021 17:33:55 IST
A probe has been launched against e-commerce and tech giant Amazon by the ED (Enforcement Directorate) for being accused of an alleged violation of the foreign exchange laws and rules of the country. This comes only a week after SEBI had given the nod of approval to Reliance’s takeover of Kishore Biyani led Future Retail. The investigation is being carried out under various provisions of the Foreign Exchange Management Act (FEMA) after the central probe agency recently received a notification from the Ministry of Commerce.
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Supreme Court gives government four weeks to reply to petition seeking reasons for delay
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Supreme Court gives government four weeks to reply to petition seeking reasons for delay
The Supreme Court on Friday asked the government to respond to a petition seeking reasons for the delay in appointment of chairman and members to the Appellate Tribunal under the Prevention of Money Laundering Act.
A Bench led by Chief Justice of India Sharad A Bobde gave the government four weeks to reply to the petition filed by Amit Sahni, who said the appointments to the tribunal should be made on a priority basis.
Amazon-Future Retail deal comes under ED scanner for FEMA violations
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Last Updated: Jan 28, 2021, 06:58 PM IST
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Synopsis
The Delhi High Court had last month observed that Amazon appeared to have indirectly obtained control over Future Retail without the approval of the government.
Amazon s attempt to control Future Retail through a conflation of agreements appears to be violative of FEMA’s FDI rules, according to the Delhi High Court.
New Delhi: A month after the Delhi High Court passed adverse remarks against Amazon.com Inc., the Enforcement Directorate (ED) has launched a probe against the Seattle, US-based e-commerce firm to investigate whether it violated the Foreign Exchange Management Act, 1999, (FEMA) in its deal with