Amazon Vs Future Retail: Supreme court stays Delhi High Court's verdict enforcement
- The apex court deferred
Future Retail’s appeal for another four weeks to wait for Singapore Arbitrator’s final order.
- The development comes almost a month after the Supreme court passed a verdict in favour of
Amazonthat cleared Reliance-Future Retails ₹24,713 crore deal off the table.
- Amazon had claimed that it had barred
Future Groupfrom selling any of its retail assets to Reliance as per their shareholders agreement.
AdvertisementThe Supreme Court of India has offered a sigh of relief to Future Retail by staying all the enforcement proceedings related to its deal with Reliance Retail pending before the Delhi High Court.
The apex court deferred Future Retail’s appeal for another four weeks to wait for Singapore International Arbitration Centre (SIAC)’s final order that has been reserved after hearing Amazon and Future Retail’s side.
"Nothing will happen in four weeks. Issue notice. Taking into consideration the challenge to the Emergency Arbitrator award is pending before tribunal under SIAC Rules," the court noted.
The Bench of Chief Justice of India NV Ramana, along with Justices Surya Kant and AS Bopanna, also directed National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and Securities and Exchange Board of the India (SEBI) to not pass any final orders in relation to this dispute for four weeks.
The court was hearing a plea filed by Future Coupons Private Limited against a Delhi high court single judge order, which put on hold Future Group’s deal to sell its retail assets to Reliance Retail.
However, the Supreme Court of India too passed a similar law last month on August 6. The court passed a verdict in favour of Amazon that cleared Reliance-Future Retails ₹24,713 crore deal off the table. The apex court had upheld SIAC’s initial verdict in its judgement.
Amazon, which holds about 3% stake in Future Retail through its 49% shareholding in Future Coupon, had claimed that it had barred Future Group from selling any of its retail assets to Reliance as per their shareholders agreement. It also mentioned that the e-commerce giant was not aware about any deal brewing between the two retail companies.
The legal battle between Amazon and Future Retail started in August 2020, after Mukesh Ambani-led Reliance Retail agreed to buy Future Group’s retail, wholesale and warehousing assets for ₹24,713 crore.
Zomato, PolicyBazaar investor Info Edge invested in nearly 2 startups every month in 2021
Byju’s bags another $150 million to fund its acquisition spree
Zoho Corp invests $5 million in medical devices startup Voxelgrids
Popular on BI
- RBI expected to hold rates for the 5th time in a row, no cuts likely before Q2FY25
- IBM, Meta launch AI Alliance to build open, responsible AI
- Have no fear in saying 'I'm on medication': Karan Johar on his battle with anxiety
- Bajaj Chetak Urbane vs Ola S1 Air – price, range and features compared
- Global crypto market hits $1.5 trillion as panic buying fuels Bitcoin price