Page 19 - Amazon

NCLAT dismisses petition seeking insolvency against Amazon Wholesale

The National Company Law Appellate Tribunal (NCLAT) has set aside a petition seeking to initiate insolvency proceedings against Amazon Wholesale (India). A three-member NCLAT bench upheld the order passed by the National Company Law Tribunal (NCLT), which had in March this year dismissed the insolvency plea filed by Multiplier Brand Solutions. Multiplier Brand Solutions had filed the plea under Section 9 of the Insolvency & Bankruptcy Code. It had alleged a default of Rs 3.7 crore for eight invoices raised between March 2023 and May 2023. However, rejecting it, NCLAT said the "claim of Appellant for payment of invoices which are the subject matter of Section 9 Application was disputed much before Demand Notice was issued". The appellate tribunal further said: "The adjudicating authority (NCLT) has not committed any error in refusing to initiate CIRP, there being pre-existing dispute which is reflected with the correspondence which took place between the parties much prior to ...

Amazon scam: Karnataka HC rejects plea to quash FIR in Rs 69 lakh case

The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh. Justice M Nagaprasanna described the case as an example of modern age crime. The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside. The duo was booked in 2017 after an Amazon employee uncovered their alleged fraudulent activities, which had reportedly been going on for years. According to the complaint, Bose would order high-end products from Amazon using his bank account, have them delivered to Ghosh's address, and request a return within 24 hours. After obtaining a refund, Bose allegedly used to replace the genuine items with cheap imitations, re-packed them, and send them back to Amazon. The prosecution stated that the return addresses were sometimes linked to Ghosh's residence, while other times they were associated wi

Amazon doubles down on AI startup Anthropic with $4 billion investment

The e-commerce company's increased investment in Anthropic underscores the billions of dollars funneled into AI startups over the past year

EU to investigate Amazon next year, its share price drops by 3% post report

Amazon could face a substantial fine of up to 10 per cent of its annual global revenue if it is found guilty of breaching the European Union's Digital Markets Act

Jeff Bezos hits back at Musk in sniping over Tesla, SpaceX holdings

It's the latest tit-for-tat between the world's two richest individuals, whose businesses compete in the commercial space industry

Amazon likely to face investigation under EU tech rules next year

The timing and decision on whether to go ahead with an investigation will be taken by incoming EU antitrust chief Teresa Ribera in the coming months,

Amazon expands cross-border logistics programme; launches export navigator

E-commerce major Amazon on Tuesday said it has expanded its cross-border logistics programme Global Selling Seller Exports and Delivery (SEND), which will help Indian exporters ship goods abroad. The company also announced the launch of Export Navigator -- a one-stop dashboard to assist sellers with all compliance requirements related to overseas shipment. "Amazon has expanded its flagship cross-border logistics programme, Amazon Global Selling SEND, with the addition of three new carriers on air and ocean lanes from India to the US, the UK, and Germany. "Additionally, to enable a cheap and bulk storage facility for Indian exporters, SEND is now integrated with Amazon Warehousing and Distribution (AWD), a low-cost bulk storage solution that helps sellers with more efficient inventory deployment and distribution," a company statement said. Through SEND, Amazon said, Indian exporters will be able to access cross-border logistics from various third-party providers for shipping goods t

ED probes Amazon, Flipkart over ties with top sellers, alleges FEMA breach

The ED has reportedly quizzed the 'top' five sellers of both firms and found that many are former employees or relatives of former associates of Amazon and Flipkart

Amazon shifts to new office near Bengaluru airport in cost-cutting move

Amazon currently occupies almost 500,000 sq ft of office space at the World Trade Centre (WTC), a 30-floor building owned by Brigade Enterprises Limited

ED shifts focus to Amazon and Flipkart ties with preferred sellers

Under India's FDI rules, e-commerce platforms are prohibited from exercising control over vendors and are required to operate solely as neutral intermediaries

CCI seeks SC intervention to streamline Amazon, Flipkart antitrust cases

As multiple high court cases delay its probe, the CCI now considers a Supreme Court petition to merge antitrust cases against Amazon, Flipkart, and certain other platform sellers

Amazon launches facility in Bengaluru to train school students in tech

Initiative in AI, robotics aims to have 4,000 'young innovators' by next year

Swiggy recruits senior leadership from Flipkart, Amazon amid expansion bid

Swiggy is set to debut on the Indian stock exchanges on Wednesday, marking a milestone in the next phase of the company. The company launched its high-profile initial public offering last week

Amazon developing driver eyeglasses to shave seconds off deliveries

If successful, the glasses would provide drivers with turn-by-turn navigation on a small embedded screen, along their routes and at each stop, according to the people

Amazon, Flipkart executives to be summoned as regulatory scrutiny grows

Indian laws prohibit foreign e-commerce players from holding inventory of goods they can sell on their website

How Donald Trump's win could boost Musk's & Bezos' India ambitions

Donald Trump's return to the White House may bring potential advantages for Elon Musk and Jeff Bezos, as his policies favouring US companies could create a conducive environment for them

ED searches 19 premises of Amazon, Flipkart vendors in Fema probe

A total of 19 premises of these "preferred" vendors located in Delhi, Gurugram and Panchkula (Haryana), Hyderabad (Telangana) and Bengaluru (Karnataka) were covered as part of the action, they said

Amazon to invest $1.3 bn in Italy data centre biz to boost cloud services

The investment would support up to 5,500 jobs through 2029 across the AWS data centre supply chain, the company said in a statement

India’s festive shopping hits record high of Rs 1 trillion

India’s e-commerce platforms achieved record-breaking sales of around Rs 1 trillion during this year’s festive season. Watch the video to know more.

Amazon India records high growth in premium product sales during festivals

Demand for premium products across categories, including television, smartphones, and large appliances, dominated the Diwali season sale during the Amazon Great Indian Festival (AGIF) 2024 that commenced from September 27, a senior company official said on Saturday. Amazon India Vice President Saurabh Srivastava told PTI that the company recorded 10-times growth in Apple iPad sales and five-times growth in Samsung tablets during the Amazon Great Indian Festival (AGIF) 2024. "One clear trend that was there is premiumisation. When we look at it, whether it is televisions or fashion and beauty, gaming laptops, home and kitchen appliances, we have seen a clear trend of premiumisation. People are preferring more premium products. Again, this is not limited to just top cities," Srivastava said. He said large-screen TVs contributed to about 30 per cent of the total unit sales in the segment and there was 10-times growth in their demand on a year-over-year basis with Samsung, Xiaomi, and So