Supreme Court upholds Amazon-Future deal and overturns CCI and NCLAT rulings

The Supreme Court has upheld Amazon Holdings’ ₹1,431-crore acquisition of stakes in the Kishore Biyani-owned Future Group, setting aside the concurrent decisions of the Competition Commission of India (CCI) and the National Company Law Appellate Tribunal (NCLAT), both of which had earlier put the transaction on hold citing “suppression”, “misrepresentation” and “fraud”.

The CCI and the NCLAT had argued that approving the transaction would adversely impact domestic markets and consumer interests by giving the American e-commerce giant an unfair advantage in the Indian market.