E-commerce major Amazon India on Monday said it is currently investigating an issue, wherein its platform was allegedly used to source marijuana.

On Saturday, an online marijuana sale racket was busted by Bhind police in Madhya Pradesh, leading to the arrest of two persons and seizure of 20 kilograms of the contraband, according to an official.

Amazon.com Inc on Thursday reported a slump in profit that it expects will continue through the holiday quarter, as higher wages and spending to attract workers diminish the company's windfall from online shopping.

Shares fell 4% in after-hours trade.

After a year of blockbuster results, the world's largest online retailer is facing a tougher outlook.

Amazon has been of late and also for sometime now making some contradictory statements about its legal expenses in India. The company has claimed that it incurred a meagre expense of Rs 52 crore towards legal fees in FY20.

This is out of the total expense of Rs 1,967.5 crore shown as legal professional charges in financial statements of Amazon Seller Services Private Limited as sourced from the website of Ministry of Corporate Affairs.

On the heels of Google Pay offering its platform for booking fixed deposits, Amazon Pay on Wednesday also tied up for a similar arrangement with a wealth management platform.

Kuvera.in said it would provide its services, products and technology know how to create an exclusive experience for Amazon Pay’s users to facilitate investments into mutual funds, fixed deposits, and more over time.

The Supreme on Friday ruled that Future Retail's $3.4-billion deal to sell its retail assets was bound by an arbitrator's order that put the transaction on hold. This is a big boost to partner Amazon, which had sought to block the deal.

Amazon and Future had been locked in legal battles over the deal, with the US firm accusing the Indian group of violating pre-existing contracts when it sold its assets to rival Reliance Industries. Future has denied any wrongdoing.

An Indian court on Friday dismissed an appeal by Amazon.com Inc and Walmart's Flipkart that sought to stall an antitrust investigation into their business practices - a major setback for the companies.

The Competition Commission of India (CCI) last year ordered a probe following allegations from brick-and-mortar retailers that the U.S. firms promote select sellers on their e-commerce platforms and use deep discounts to stifle competition.

NEW DELHI (Reuters) -India proposed banning flash sales on e-commerce websites and said on Monday their affiliate entities should not be listed as sellers on their platforms, in a proposed tightening of rules that could hit Amazon and Walmart's Flipkart.

The Ministry of Consumer Affairs' rules, which were released in a government statement, come amid complaints by brick-and-mortar retailers that foreign e-commerce players bypass Indian laws by using complex business structures.

Walmart Inc's Flipkart and Amazon.com Inc have filed legal challenges against the resumption of an antitrust investigation into their business practices, according to sources and a legal filing viewed by Reuters.

The Competition Commission of India (CCI) launched an investigation in January last year after a complaint accused Flipkart and Amazon of promoting select sellers on their e-commerce platforms and using deep discounts to stifle competition.

Amazon, which has been under pressure from shoppers, brands and lawmakers to crack down on counterfeits on its site, said Monday that it blocked more than 10 billion suspected phony listings last year before any of their offerings could be sold.

The numbers were released in Amazon's first report on its anti-counterfeiting efforts since it announced new tools and technologies in 2019. The number of blocked phony listings last year was up about 67 per cent from the year before.

Amazon.com Inc. is pausing plans for its annual sale Prime Day in Canada and India due to concerns about Covid-19, the company confirmed on Thursday. The pause won’t affect Prime Day in the U.S., which is scheduled for an undisclosed day in June, according to an email reviewed by Bloomberg.

Based on the increasing impact of Covid-19 in Canada, and the importance we place on protecting the health and safety of our employees and customers, we will pause plans for Prime Day 2021 in Canada, said the email, sent to Amazon sellers Thursday.

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