Future Retail cannot sell to these companies, as per Amazon

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Future Retail promoters will not be able to sell shares to companies including Google, SoftBank, Walmart, Paytm, Ola, Swiggy, Zomato, Ambani Group, Tencent, Naspers, eBay among others, according to the second letter by Future Retail's independent directors sent to the Competition Commission of India (CCI), alleging that records show that Amazon, in its application to the antitrust watchdog, has contradicted its internal correspondence submitted before courts.

The letter states that “Each of the Promoters hereby agree, covenant, and undertake that it shall, and shall ensure that the Promoter Affiliates shall, not Transfer any of the Promoter Securities: (a) to or in favour of any Persons listed at Schedule II, which list shall be reviewed and revised, mutually, by the Parties every 12 (twelve) months commencing from the Effective Date (each such Person, a “Restricted Person”).

The aforementioned companies have been listed under the section of ‘Schedule II- List of Restricted Persons’.

This is the second letter in less than a week that accuses Amazon of concealing information and requests CCI to revoke the nod it gave to the Amazon-Future Coupons Private Ltd (FCPL) deal in November 2019. The latest letter says that the independent directors examined the pre-contractual negotiation records of Amazon's investment in Future Coupons Private Ltd (FCPL) and found that the representations made by Amazon in its CCI application “completely contradict internal correspondences”.

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