The Delhi High Court Wednesday sought response of Kishore Biyani-led Future Retail Ltd. on Amazon’s plea challenging the prima facie observations by a single judge that the U.S. e-commerce giant’s attempt to control the Indian entity was violative of FEMA and FDI rules.
Updated Dec 29, 2020 | 18:12 IST
Kishore Biyani-led Future Retail has reportedly written a letter to Sebi citing the Delhi HC ruling that the retail company s board decision to allow the merger of listed entities and sell retail assets to RIL Future Retail writes to Sebi, asks to expedite review of deal with Reliance Retail quickly. | Photo Credit: BCCL
New Delhi: Kishore Biyani-led Future Retail Ltd (FRL) has asked the Securities and Exchange Board of India (Sebi) to review and give the green signal to its deal with Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL) as soon as possible. The retail firm has reportedly written a letter to the market regulator citing the Delhi High Court judgment that the FRL board’s decision to allow the merger of listed entities and sell retail assets to Mukesh Ambani-controlled RIL was valid under Indian law.
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Future Retail: Kishore Biyani-led
Future Retail Ltd (FRL) said it is “reviewing” the Delhi High Court order that has rejected its plea to restrain Amazon from writing to regulatory authorities about the SIAC arbitral order against its asset sale under a Rs 24,713 crore deal with Reliance.
Future Retail says reviewing HC order, Amazon welcomes verdict
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This story is from December 21, 2020
Future Retail says reviewing HC order, Amazon welcomes verdict
PTI / Dec 21, 2020, 23:06 IST
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(Representative image)
NEW DELHI: Kishore Biyani-led Future Retail Ltd (FRL) on Monday said it is “reviewing” the Delhi high court order that has rejected its plea to restrain Amazon from writing to regulatory authorities about the SIAC arbitral order against its asset sale under a Rs 24,713 crore deal with Reliance.
FRL, in a regulatory filing, said it would submit a brief summary after consultation with legal advisors.
“We are in process of reviewing the same and shall submit a brief summary after consultation with legal advisors,” it said while also submitting the 132-page order.
Factors behind markets crash A sharp crash in the domestic markets left investors running for cover in Monday s session as benchmark equity indices tumbled. The S&P BSE Sensex lost 2,037 points in intra-day deals to hit a low of 44,923.08. The index, however, recovered partially and ended the day at 45,554 levels - down 3 per cent, or 1,407 points.
Delhi HC rejects Future s plea for injunction against Amazon The Delhi High Court on Monday declined to grant Kishore Biyani-led Future Retail Ltd s (FRL) plea for an interim injunction restraining Amazon from writing to SEBI, CCI and other authorities about the arbitral order against its asset sale.