Synopsis
The Supreme Court has overturned a Rs 202-crore penalty imposed on Amazon by the Competition Commission of India. This penalty was related to Amazon's 2019 investment in Future Coupons. The CCI had alleged that Amazon suppressed information during the approval process. This development follows a mutual settlement between Amazon and Future Group, leading to the withdrawal of all legal proceedings.A Bench comprising Justices Vikram Nath and Sandeep Mehta while setting aside the CCI Dec 2021 penalty order directed the competition regulator to refund the penalty amount, if paid by Amazon, with 6% interest within 8 weeks. If the refund is not made within time, CCI will be liable to pay 9% interest per annum.
Amazon had challenged the penalty imposed by the CCI over allegations that it suppressed material information and made false statements while seeking regulatory approval for the transaction.
The matter came up in court even as both sides last month agreed to withdraw all legal proceedings against each other following a mutual settlement.
