A bench comprising Justices Vikram Nath and Sandeep Mehta also quashed the CCI’s December 17, 2021 order that had imposed a penalty of ₹202 crore on Amazon and suspended its deal with Future Group.
Supreme Court of India
The Supreme Court on Wednesday, May 27, set aside a June 2022 order of the National Company Law Appellate Tribunal (NCLAT) that had rejected US e-commerce major Amazon’s appeal against the suspension of its investment deal with Future Group by the Competition Commission of India (CCI).
A bench comprising Justices Vikram Nath and Sandeep Mehta also quashed the CCI’s December 17, 2021 order that had imposed a penalty of ₹202 crore on Amazon and suspended its deal with Future Group.
Advertisement
“In view of the findings recorded above, the appeal is allowed. The impugned judgment dated June 13, 2022 passed by the NCLAT and order dated December 17, 2021 passed by the CCI are set aside,” Justice Nath said.
Advertisement
The top court further directed that any amount deposited or recovered from Amazon pursuant to the earlier orders be refunded within eight weeks.
The verdict came on Amazon’s plea challenging the NCLAT order, which had upheld the CCI’s decision to suspend the 2019 investment transaction involving Future Group.
The dispute relates to Amazon’s investment in Future Coupons Pvt Ltd, through which the US company had acquired indirect rights in Future Retail. The transaction later became the subject of intense legal battles after allegations that Amazon had concealed material facts while seeking regulatory approval.
Advertisement
