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Supreme Court quashes CCI’s order suspending Amazon’s deal with Future
- IBJ Bureau
- May 28, 2026
The Supreme Court has set aside the Competition Commission of India’s (CCI) order, suspending Amazon’s investment deal with the Future Group and imposing a Rs 202-crore penalty on the US e-commerce company.
The ruling could influence how the competition regulator examines disclosures in complex investment structures.
A bench of Justices Vikram Nath and Sandeep Mehta have also quashed the National Company Law Appellate Tribunal’s (NCLAT) June 2022 order that had upheld the CCI’s action against Amazon.
The court has further directed that any amount deposited or recovered from Amazon, pursuant to the orders, be refunded within eight weeks.
The dispute traces back to Amazon’s 2019 investment of around Rs 1,400 crore in Future Coupons, a promoter entity of Future Retail. Through the transaction, Amazon had acquired a stake in Future Coupons, which in turn had a shareholding in Future Retail.
The deal had received the CCI’s approval at the time and was viewed as a strategic investment by the e-commerce company in the organised retail sector.
However, the matter had later taken a different turn after the Future Group, which was facing financial stress, had announced in August 2020 a proposed sale of its retail, wholesale and logistics businesses to Reliance Retail in a deal valued at about Rs 24,700 crore.
Amazon had opposed the transaction, arguing that its agreements with Future contained certain rights and restrictions that prevented such a sale without its consent.
The disagreement had triggered a prolonged legal battle that stretched across multiple forums in India and overseas.
Meanwhile, the CCI had revisited Amazon’s 2019 transaction with Future and held that Amazon had not fully disclosed the scope and strategic purpose of the transaction.
The competition regulator had suspended its earlier approval and imposed a total penalty of Rs 202 crore on Amazon for not disclosing information on the transaction adequately.
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