Amazon secure extension from Supreme Court, Advice recovery of 202 crores stayed till this date
Amazon secure extension from Supreme Court
Amazon secure extension from Supreme Court
Amazon, the e-retail giant, has received a significant relief from the Supreme Court in a dispute related to Future Group. The court has granted an extension to Amazon by staying the decision given by the Competition Commission of India (CCI) on April 25, which ordered the recovery of Rs 202 crore penalty. Amazon had filed an appeal against the CCI’s decision last month.
E-retail company Amazon secure extension from Supreme Court has got a big relief in a dispute related to Future Group. The Supreme Court has currently put a stay on the decision given by CCI regarding recovery. Amazon had appealed in the Supreme Court against the CCI’s decision last month.
CCI orders recovery
The Supreme Court, while hearing Amazon’s plea, on Monday Gave instant relief. The Supreme Court has stayed the decision given by the Competition Commission of India i.e. CCI on April 25, in which CCI had asked for penalty recovery of Rs 202 crore. The CCI had imposed the fine on Amazon’s 2019 deal to buy 49 per cent stake in a Future Group entity.
CCI order stayed
Amazon While filing a petition in the Supreme Court, demanded a stay on the recovery of the fine. Justice Dinesh Maheshwari’s bench, while hearing the case, provided relief to Amazon. The bench said no coercive action should be taken against Amazon in respect of CCI’s decision of April 25 till the next hearing.
Relief granted till this date
Justice Dinesh Maheshwari’s bench has provided instant relief to Amazon by stating that no coercive action should be taken against the company until the next hearing. The next date of hearing on this matter is July 17, and Amazon has been granted relief from the recovery till this date. Amazon’s deal to buy a 49% stake in Future Coupons was initially approved, but the CCI canceled the approval in December 2021 after discovering that Amazon had hidden some information to obtain the deal’s approval. Amazon has also been fined in this regard with actionable penalties. The further process of recovery will depend on the Supreme Court’s next order.
Supreme Court The next date of hearing on this matter is July 17. This means that the American e-retail company has got relief from recovery till 17 July. The further process of recovery will now depend on the next order of the Supreme Court. Amazon’s deal to buy 49 per cent stake in Future Coupons was approved. However, when it later came to know that Amazon had hidden some information to get the approval of the deal, the CCI canceled the earlier approval on 17 December 2021. Amazon has also been fined in this regard with Actionable.
