Amit Agarwal, head of amazon India receive a summon issued by The Enforcement Directorate.
The notices were issued following allegations of breach of contract with Future Group.
The notices were issued following allegations of breach of contract with Future Group. Eady said in the notices that he was scheduled to appear before them next week.
In 2019, amazon invested Rs 1,431 crore to buy a 49 percent stake in Future Coupons Pvt Ltd (FCPL).
This gives amazon a 9.82% stake in Future Group. But at the time, did amazon violate the Foreign Exchange Management Act (FEMA)?
In january this year, a case was registered against amazon India for allegedly violating FEMA regulations.
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In august last year, kishore Biyani-led Future Group acquired a stake in reliance Retail, owned by reliance chief mukesh Ambani, agreed to sell for Rs 24,500 crore.
Amazon says Future Group has agreed to a condition that it will not sell its assets to any indian group when it signs a deal in 2019.
It is in this context that amazon and Future Group are fighting in the courts. However, the delhi High court has recently made key remarks in this regard.
Amazon believes it is fundamentally understood to have taken control of Future Retail without government approval.
'We have received summons issued by ED (Enforcement Directorate) regarding Future Group. We have just received the summons. We are looking into them and will respond to the summons within the given time limit.
