Overview
- The Supreme Court on May 27, 2026 set aside the Competition Commission of India’s December 17, 2021 order and the NCLAT’s June 13, 2022 judgment that had suspended Amazon’s Future Coupons transaction and imposed a ₹202 crore penalty.
- The court ordered that any amount recovered or deposited from Amazon under the CCI or NCLAT orders must be refunded within eight weeks with 6% simple annual interest and 9% interest if the refund is delayed.
- The bench of Justices Vikram Nath and Sandeep Mehta held the CCI exceeded its statutory authority when it kept an approval 'in abeyance' and sought to reopen a concluded combination review after the time limits in the Competition Act had passed.
- The ruling emphasised that competition enforcement must meet minimum standards of legality, fairness and reasoned decision-making so that regulatory action does not create retrospective uncertainty for investors.
- The dispute grew from Amazon’s 2019 purchase of 49% of Future Coupons, touched off parallel SIAC arbitration and other court fights, and followed a reported March settlement between FCPL and Amazon that resolved some commercial claims.