Supreme Court quashes Amazon-Future Group block, cancels ₹202cr
Big news for Amazon: The Supreme Court has thrown out earlier orders that blocked its investment deal with Future Group and canceled a ₹202 crore penalty.
Basically, the Court said both the Competition Commission of India (CCI) and the National Company Law Appellate Tribunal (NCLAT) got it wrong when they suspended Amazon's deal and rejected its appeal.
Amazon refunds due within 8 weeks
Amazon will get back any money it deposited because of these orders, if any amount was deposited or recovered, within eight weeks.
The judges made it clear: "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.
This decision could shape how foreign companies invest in India going forward, so it's one to watch.