The Supreme Court allows Amazon’s appeal related to its investment deal with Future Group, setting aside earlier appellate and regulator orders that had suspended the transaction and imposed a penalty. The bench of Justices Vikram Nath and Sandeep Mehta overturns a June 2022 National Company Law Appellate Tribunal (NCLAT) ruling that had rejected Amazon’s challenge to the Competition Commission of India’s (CCI) actions. The CCI had, in an order dated December 17, 2021, suspended the deal and levied a penalty of ₹202 crore on Amazon. The court states that it sets aside both the NCLAT judgment and the CCI order, and it allows the appeal. The Supreme Court also directs that if any amount has been deposited or recovered from Amazon pursuant to these orders, it must be refunded within eight weeks. The decision follows Amazon’s plea seeking relief from the NCLAT order and the underlying CCI suspension and penalty connected to the Future Group transaction.
Supreme Court sets aside NCLAT order, allowing Amazon appeal in Future Group deal case
The Supreme Court allows Amazon’s appeal related to its investment deal with Future Group, setting aside earlier appellate and regulator orders that had suspended the transaction and imposed a penalty...
- The Supreme Court sets aside the NCLAT June 2022 order that rejected Amazon’s appeal in the Future Group deal matter.
- The court also sets aside the CCI order dated December 17, 2021.
- The CCI order had suspended the Future Group investment deal and imposed a penalty of ₹202 crore on Amazon.
- The Supreme Court directs that any deposited or recovered amounts from Amazon be refunded within eight weeks.
- The ruling is made on Amazon’s plea challenging the NCLAT decision related to the deal suspension and penalty.
Supreme Court overturns NCLAT ruling, allowing Amazon’s appeal against anti-trust suspension of its Future Group investment deal
2 months agoThe Supreme Court on Wednesday set aside the NCLAT's June 2022 order which had rejected US e-commerce giant Amazon's appeal against an anti-trust suspension of its investment deal with Future Group. A bench of Justices Vikram Nath and Sandeep Mehta also set aside the Competition Commission of India's (CCI) December 17, 2021 order which had levied a Rs 202 crore penalty on Amazon and suspended its deal with Future. "In view of the findings recorded above, the appeal is allowed. The impugned judgement dated June 13, 2022 passed by the NCLAT and order dated December 17, 2021 passed by the CCI are set aside," Justice Nath said while pronouncing the verdict. The top court said if any amount was deposited or recovered from Amazon pursuant to these orders, the same be refunded within eight weeks. The bench delivered its verdict on a plea filed by Amazon challenging the National Company Law Appellate Tribunal (NCLAT) June 2022 order.
2 months ago
Mark Ruffalo Denies Antisemitism Charge From Paramount in Merger Criticism Dispute
Mark Ruffalo denies accusations of antisemitism from Paramount Skydance after the company criticized his opposition to t...
US sanctions four India-based firms for importing Iranian petrochemicals
The United States sanctions four India-based companies for alleged involvement in importing Iranian petroleum products a...
KPMG Australia to cut 5% of workforce and reduce partner pay amid audit leaks scandal
KPMG Australia says it will cut about 5% of its workforce, including 27 partners and around 360 staff, as it responds to...