Amazon.com's (AMZN) appeal of the Competition Commission of India's antitrust suspension of its $200 million investment deal with Indian conglomerate Future Group was rejected by a local tribunal.
A two-judge panel at the Indian tribunal said Monday the technology company 'failed to provide relevant information' on the planned combination when it sought approval for the investment in 2019. The tribunal said it was in 'complete agreement' with the CCI's suspension of the deal.
The tribunal also upheld the 2 billion rupees ($25.6 milloin) penalty against the company imposed on it by the CCI and asked for it to be deposited within 45 days.
An Amazon.com spokesperson contacted by MTNewswires declined to comment on the report.
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