SC junks ₹202 crore penalty on Amazon by CCI in Future Coupons case
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The Supreme Court on Wednesday set aside the ₹202 crore penalty imposed by the Competition Commission of India (CCI) on Amazon in connection with its investment in Future Coupons Private Limited (FCPL), holding that the amount recovered or deposited by the company must be returned within eight weeks.
A Bench of Justices Vikram Nath and Sandeep Mehta passed the order in Amazon’s appeal against the penalty levied for allegedly withholding material information while seeking regulatory approval for the transaction.
Amazon approached the Supreme Court challenging the order of the National Company Law Appellate Tribunal (NCLAT), which had affirmed the Competition Commission of India’s (CCI) decision to suspend approval for Amazon’s 2019 investment in the Future group.
In its June 13, 2022 ruling, the NCLAT upheld the CCI’s December 17, 2021 order refusing approval to Amazon’s acquisition of a 49 per cent stake in Future Coupons Private Limited (FCPL), the promoter entity of Future Retail Limited.
The appellate tribunal also sustained the ₹200 crore penalty imposed on Amazon for alleged non-disclosure of information relating to the combination under the Competition Act, 2002.
Before the NCLAT, the CCI argued that Amazon was obligated to fully disclose the economic and strategic objectives behind the investment.
The regulator contended that Amazon had misrepresented the scope and purpose of the transaction and failed to reveal its strategic interest in Future Retail.
Amazon, on the other hand, maintained that all relevant documents relating to the investment had been placed before the competition watchdog.
Agreeing with the CCI’s findings, the NCLAT held that Amazon had not made complete disclosures regarding its strategic plans involving Future Retail. The Future group had also argued before the regulator that crucial objectives and the rationale behind the transaction had not been disclosed.
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