Direct selling FMCG company Amway India will increase the prices of all its products by 3-5 per cent in early 2009 even as commodity and crude prices are witnessing a sharp decline.
Amchem said that Amway is a direct selling FMCG company that uses multilevel marketing to sell its daily use products through independent distributors, instead of from a shop or a mall.
They were booked under the Prize Chits and Money Circulation Schemes (Banning) Act based on complaints filed by two persons in 2011.
Amway maintains the action was related to a case in 2011 and it has been cooperating with the investigative agency.
In 2013, weeks after getting bail in a case of alleged cheating in Kerala, Amway India's then managing director, William Scott Pinckney, declared that the company was aiming to hit revenues of Rs 10,000 crore in India in a decade. Fast forward to 2021, and Milind Pant, Amway's global CEO, announced that the company has designated India as one among the top three markets for growth and investment (after US and China), and is now looking at hitting revenues of Rs 20,000 crore over the long term.
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Direct-selling company Amway India said its MD and CEO William S Pinckney has been released on bail, two months after his arrest by Andhra Pradesh Police in connection with criminal cases registered against the firm in the state.
Kerala and Rajasthan are the only states that have come out with guidelines for the sector.
William S Pinckney, Managing Director, Amway India said the company will start exporting to Sri Lanka, Nepal, Bangladesh and Pakistan from India within the next couple of years. The company, which has emerged as the largest direct marketing company in the country, is now looking to make India an export hub for South Asia.
Compliance costs and legal scrutiny could rise.
The arrests were made on a complaint of a woman who claimed to have incurred loss through the network.
The case in which the action has been taken was filed in December, but the company said that it had no prior information on it.
William S Pinckney was arrested by the Kerala police for alleged violation of the Prize Chits and Money Circulation Schemes (Banning) Act.
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