India, May 27 -- The Supreme Court has set aside the Competition Commission of India (CCI)'s order imposing a Rs.202 Cr penalty on Amazon India in a case dating back to the ecommerce giant's 2019 investment in Future Coupons Pvt Ltd (FCPL).

A two-judge bench of Justices Vikram Nath and Sandeep Mehta delivered the judgement, ordering India's competition regulator to refund any fine or deposit paid by Amazon. The CCI would have to pay 6% interest while refunding the sum within eight weeks, or else pay 9% interest if not doing so within the prescribed time.

The ruling comes weeks after FCPL struck a settlement deal with Amazon pertaining to the case. As part of the deal, FCPL agreed to pay Amazon Rs.11 Cr in damages and both sides withdrew...