The Supreme Court has set aside the Competition Commission of India's Rs 202 crore penalty on Amazon over a case involving Future Coupons. The penalty was imposed by the CCI over alleged suppression of material details while seeking regulatory approval for its 2019 investment in Future Coupons.
Amazon had challenged the penalty imposed by the CCI in the Supreme Court, arguing that the CCI's findings that the group had withheld sensitive information while seeking approval for the investment in Future Coupons.
The deal later became central to the bitter dispute between Amazon and the Future Group over the latter's proposed asset sale to Reliance Retail.
In addition to setting aside the penalty imposed by the CCI, the Supreme Court also directed that any amount deposited or recovered from Amazon be refunded within eight weeks. The refund will carry a simple interest rate of 6% per annum from the date of deposit or recovery until the date of the actual refund.
The top court further directed that if a refund is not made within the stipulated eight-week period, the unpaid amount will carry a higher simple interest rate of 9% per annum from the expiry of the eight-week window until the payment is actually made.
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