ED summons senior executives of Amazon and Future Group to appear with required documents | ED summons senior executives of Amazon and Future Group

ED summons senior executives of Amazon and Future Group to appear with required documents | ED summons senior executives of Amazon and Future Group

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Sources said that the Directorate of Enforcement had issued summons to Agarwal, the head of Amazon India, and other senior executives as well as Future Group executives.

ED summons senior executives of Amazon and Future Group

New Delhi : The ED has issued summons to senior executives of Amazon India and Future Group for violating the Foreign Exchange Management Act (FEMA). This includes Amazon India’s Country Head Amit Agarwal. Official sources said that the controversial agreement between the two groups had prompted both the officials to be present in connection with the FEMA inquiry.

According to sources, officials of both the companies have been asked to appear with documents within the next week. Sources said that the Directorate of Enforcement had issued summons to Agarwal, the head of Amazon India, and other senior executives as well as Future Group executives.

Instructions given by the Ministry of Commerce to the Directorate of Enforcement

The Commerce Ministry had asked ED to take “necessary steps” against the country’s leading e-commerce companies, such as Amazon and Flipkart, for multi-brand retail trading. Apart from this, the Delhi High Court also strongly criticized Amazon. The Enforcement Directorate then launched an investigation under various sections of FEMA.

The High Court had said that the American company Amazon had tried to gain control over Future Retail through certain agreements with an unlisted component of Future Group, which would be considered in violation of FEMA and Foreign Direct Investment (FDI) regulations. Sources in the ED, which is investigating the case, said officials from both the companies have been called in to look into the matter.

Confirmation of receipt of summons from Amazon India spokesperson

A spokesperson for Amazon India confirmed receiving the summons from the Enforcement Directorate and said that the company was reviewing it and necessary steps would be taken in due course. Future Group has not yet commented. The two companies are embroiled in a legal battle over the potential sale of Future Retail. Amazon says the deal to sell Future Retail to Reliance Retail violates the 2019 investment agreement. (ED summons senior executives of Amazon and Future Group)

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