Future Retail files appeal in Delhi High Court against status quo order on Future-Reliance deal
Justice J R Midha, on Tuesday, said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon.
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NEW DELHI: Future Retail Ltd (FRL) on Wednesday said it has filed an appeal in the Delhi High Court against the status quo order on its Rs 24,713-crore deal with Reliance.
On Tuesday, a Delhi High Court bench of Justice J R Midha had directed FRL to maintain status quo in relation to its Rs 24,713-crore deal with Reliance Retail that has been objected to by US-based e-commerce giant, Amazon.
Updated Feb 02, 2021 | 17:27 IST
The Singapore International Arbitration Centre (SIAC) on October 25 last year, had passed an interim order in favour of Amazon barring FRL from taking any step to dispose of or encumber its assets Future Retail turns down Delhi High Court s suggestion to engage in talks with Amazon
New Delhi: Kishore Biyani-led Future Retail on Tuesday turned down HC s suggestion to engage in talks with e-commerce giant Amazon. The company stated that they were not privy to contract with Amazon and that talks may create confusion. Amazon stated that it is willing to enter a purposive dialogue out of deference to the Indian legal system.
The Delhi High Court on Tuesday asked Future Retail Ltd (FRL) to maintain the status quo with respect to its $3.4 billion (about Rs 24,700 crore) deal with Reliance Retail. The court said it was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon. The development has come as a temporary relief for Jeff Bezos-led e-commerce giant Amazon, which is battling to thwart the Future group’s asset sale to Reliance. “Hearing Amazon’s plea, the high court has granted an interim relief to Amazon, directing all authorities and parties to maintain the status quo on the deal,” said Salman Waris, managing partner at technology law firm TechLegis Advocates and Solicitors. “The court’s direction effectively means that the deal will be on hold till a final decision in the matter is reached. This was what Amazon had pleaded.”
Delhi High Court stays RIL’s acquisition of Future Retail
February 02, 2021
Amazon has made a strong case against ₹25,000-cr deal, says judge
In a win for Amazon, the Delhi High Court on Tuesday granted an interim stay on the ₹25,000-crore deal between Future Retail Ltd (FRL) and Reliance Industries Ltd (RIL). A single-judge Bench has directed all the parties involved, along with the Central government and all statutory authorities, to maintain status quo till the reserve order is passed.
Justice JR Midha observed that
prima facie, just like the Singapore International Arbitration Center’s (SIAC) Emergency Arbitrator (EA), he too found that Amazon made a strong case.
Delhi HC orders status quo on Future Group-Reliance deal
On Monday, the court had asked both the parties if they were ready to resolve issues, and said that the proceedings in the case would continue as scheduled.
BusinessToday.In | February 2, 2021 | Updated 18:54 IST
The court was hearing Amazon s plea seeking enforcement of an emergency award passed by the Singapore International Arbitration Centre in its favour.
Providing relief to e-commerce giant Amazon, the Delhi High Court on Tuesday asked Future Retail Ltd to maintain status quo on its Rs 24,713-crore deal with Reliance Retail.
The single-judge bench of Justice J R Midha was hearing Amazon s plea seeking enforcement of an emergency award passed by the Singapore International Arbitration Centre (SIAC), restraining Future Group from selling its retail assets to Reliance Industries Ltd (RIL).