Amazon urges HC to enforce arbitration award staying Future-Reliance deal
SECTIONS
Share
Synopsis
Future Retail had approached the NCLT a day after Amazon on Monday moved the Delhi High Court seeking an injunction to restrain Future Group in filing any application with regulators to complete its proposed deal with Reliance Retail.
Reuters
In August last year, Future had reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.
New Delhi: Amazon on Thursday urged the Delhi High Court to enforce an Emergency Arbitrator award under the Singapore International Arbitration Centre restraining Future Group from going ahead with the deal to sell its retail assets to
US-based e-commerce giant Amazon Thursday urged the Delhi High Court to order enforcement of the award by Singapore s Emergency Arbitrator (EA) restraining the Future Group from going ahead with its Rs 24,713 crore deal with Reliance Retail. The plea also sought the detention of the Biyanis, directors of Future Coupons Pvt Ltd and FRL and other related parties in civil prison and attaching of their properties for alleged wilful disobedience of the emergency arbitrator s order. Justice J R Midha, after hearing the arguments for several hours, said he will continue with the hearing on Friday.
Amazon has approached the high court seeking to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.
Movers & Shakers | Top 10 stocks that moved the most last week
Experts feel the volatility will continue in the coming truncated week as we are moving closer to Budget and expiry of January derivative contracts. January 24, 2021 / 10:25 AM IST The BSE Sensex fell 156.13 points to 48,878.54 and the Nifty50 lost 61.80 points at 14,371.90, while the broader markets underperformed frontliners for the second consecutive week. Experts feel the volatility will continue in the coming truncated week as we are moving closer to Budget and expiry of January derivative contracts. Bajaj Auto | The stock gained over 14 percent after the two-wheeler manufacturer, clocked its highest ever standalone profit at Rs 1,556.3 crore in December 2020, rising 23.4 percent compared to the year-ago period, driven by volume growth and operating performance. Its revenue increased by 16.6 percent year-on-year to Rs 8,910 crore, which was also the highest for a quarter. Volumes grew by 9 percent YoY
The SEBI, in its letter of approval, listed a number of conditions in accordance to the Composite Scheme of Arrangement. The regulatory body has also referred to the apprehensions raised by Amazon.
Mukesh Ambani moves up ‘rich list’ by 2 slots
January 23, 2021
Reliance Industries Chairman Mukesh Ambani - THE HINDU×
Reliance Industries chief’s net worth stands at $91 b
The fortunes of Mukesh Ambani are closely tied up with the ebb and flow of the stock market, and now with the Sensex touching the 50,000-mark, the billionaire has also moved up two slots in the global rich list.
The Chairman and Managing Director of Reliance Industries Ltd (RIL) is now the seventh richest man globally with a net worth of $91 billion.
Zhong Shanshan, the richest
However, Zhong Shanshan, Chairman of the Chinese bottled-water company Nongfu Spring, continues to be the richest Asian with a networth of $100 billion, and ranks the sixth richest globally. Zhong with a networth of $93.8 billion as of January 8 had dethroned Ambani (with a networth of $88 billion then) to become the richest Asian, according to data collated by Hurun Research.