ED slaps notices on Amazon,Future Group Summons senior executives in FEMA probe
The Enforcement Directorate (ED) has summoned senior executives of Amazon India, including its country head Amit Agarwal, and that of the Future group for questioning in a foreign exchange violation probe linked to the disputed deal between the two conglomerates, official sources said on Sunday.
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New Delhi: The Enforcement Directorate (ED) has summoned senior executives of Amazon India, including its country head Amit Agarwal, and that of the Future group for questioning in a foreign exchange violation probe linked to the disputed deal between the two conglomerates, official sources said on Sunday.
The executives have been summoned along with documents for the coming week under the provisions of the Foreign Exchange Management Act (FEMA), they said. Amazon India head Agarwal, some other senior officials of the company and those of the Future Group have been called, the sources said.
The investigation is being conducted under various sections of the FEMA after the federal agency received a communication from the Commerce Ministry early this year seeking 'necessary action' against e-commerce players like Amazon and Flipkart pertaining to certain multi-brand retail businesses and an observation made by the Delhi High Court in relation to Amazon.
The HC had said that the attempt made by the US-based firm to control Future Retail through a conflation of agreements it has with an unlisted unit of the Indian company will be considered as violative of the FEMA and foreign direct investment (FDI) rules.
