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Delhi HC directs Future Retail Ltd to maintain status quo in its deal with Reliance, grants interim relief to Amazon ANI | Updated: Feb 02, 2021 22:09 IST
New Delhi [India], February 2 (ANI): The Delhi High Court on Tuesday directed Future Retail Limited to maintain status quo with respect to its deal with Reliance while granting interim relief to Amazon.
A single-judge bench of Justice JR Midha said the court is satisfied that immediate orders are necessary to protect the rights of the petitioner till the pronouncement of the reserved order. In that view of the matter, the respondents are directed to maintain status quo as on today at 4.50 pm till the pronouncement of the reserved order, he said.
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Mumbai (Maharashtra) [India], January 21 (ANI): The Securities and Exchange Board of India (SEBI) has approved the Rs 24, 713 crore deal between Kishore Biyani-led Future Group and Reliance Retail.
SEBI approves Reliance Retail–Future Group deal, with caveats
January 21, 2021
The Securities and Exchange Board of India has given its go-ahead for Reliance Retail’s acquisition of Future Retail Limited’s retail, logistics and warehousing entities, according to a letter sent to Future Retail by the Bombay Stock Exchange. This is one of several more clearances that the deal, valued at ₹24,713 crore, will require before it is finalized. Shareholders and the National Company Law Tribunal will have to okay the deal as well.
The deal is facing resistance from Amazon, which obtained an arbitration order from the Singapore International Arbitration Centre last year putting the transaction on hold, claiming an earlier investment it made in a promoter entity of Future gave it the option of vetoing this deal. However, Reliance and Future Retail have been moving ahead, fighting against Amazon’s claim in court, even as it insists to regulators that the company’s claims have no me