FEMA probe: ED summons Amazon, Future executives

One-liner: 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.

FEMA provisions: The executives have been summoned along with documents for the coming week under the provisions of the Foreign Exchange Management Act (FEMA), they 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 Amazon and Flipkart
• The executives have been asked to join so that investigation can be taken forward. The agency has gathered details from the documents submitted by the companies earlier and other sources over the last few months

Court battle: Amazon and Future Group have been battling it out in courts after the Kishore Biyani-led group in August last year agreed to sell its assets to billionaire Mukesh Ambani's Reliance Retail on a slump sale basis for Rs 24,500 crore.

• Amazon is objecting to the sell-off plans, accusing Future Group of breaching its 2019 investment pact. The US-based company had approached the Singapore International Arbitration Centre (SIAC) as well as Indian courts

Source: PTI