The Supreme Court on Wednesday set aside the Competition Commission of India’s Rs 202-crore penalty imposed on Amazon in connection with its 2019 investment in Future Coupons.A Bench comprising Justices Vikram Nath and Sandeep Mehta while setting aside the CCI Dec 2021 penalty order directed the competition regulator to refund the penalty amount, if paid by Amazon, with 6% interest within 8 weeks. If the refund is not made within time, CCI will be liable to pay 9% interest per annum.Amazon had challenged the penalty imposed by the CCI over allegations that it suppressed material information and made false statements while seeking regulatory approval for the transaction.The matter came up in court even as both sides last month agreed to withdraw all legal proceedings against each other following a mutual settlement.Also Read: What are India's antitrust findings against Amazon, Flipkart?The dispute stemmed from Amazon’s $200 million investment in Future Group’s gift voucher unit in 2019. Amazon had argued that the deal gave it contractual rights preventing Future Retail from selling its retail assets to certain entities, including Reliance Industries.The antitrust regulator had on December 17, 2021 suspended its approval accorded more than two years back to the e-commerce firm to acquire a 49% stake in Future Coupons (FCPL), following a review of allegations of concealment of information while seeking regulatory nod for the deal.The CCI had also imposed a Rs 202 crore penalty for allegedly not being upfront about the actual scope and purpose of the deal including its strategic interest in Future Retail, which owns the Big Bazaar chain of stores. The penalties on Amazon – Rs 200 crore and Rs 2 crore - were imposed separately under different sections of the law relating to reporting obligations of parties involved in a transaction. The CCI’s order was subsequently upheld by the National Company Law Appellate Tribunal.Since Amazon had failed to pay the penalty amount by mid-February 2022, the CCI had on April 25, same year issued a recovery notice to the ecommerce giant, which then approached the SC.Also Read: Big believer in law of land, customer-centricity: Amazon India head on regulatory gaze over e-commerce platformsThe legal battle intensified after Future Group announced a Rs 24,713-crore deal to sell its retail, wholesale, logistics and warehousing businesses to Reliance Retail in 2020. Amazon opposed the transaction and secured favourable interim rulings from a Singapore arbitrator as well as Indian courts.However, Future Group had approached the CCI alleging that Amazon concealed its strategic interest in Future Retail while seeking approval for the 2019 transaction. Following an inquiry, the regulator held that Amazon had “suppressed the actual scope” of the deal.Amazon had denied concealing any material information and argued that revoking the deal approval would send a negative signal to foreign investors in India.