Court rejects request to ban Amazon abn 97 | अॅामेझॉनला प्रतिबंध करण्याची मागणी न्यायालयाकडून अमान्य loksatta.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from loksatta.com Daily Mail and Mail on Sunday newspapers.
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The order was pronounced in the suit filed by Future Retail Limited after an emergency arbitrator of the Singapore International Arbitration Centre (SIAC) retrained Future Group doing a transaction with Reliance Retail.
The judgement also held the award given by the emergency arbitrator as valid. Amazon, which owns a stake in Future Coupons which inturn holds 9.82 percent stake in Future Retail, had invoked arbitration on grounds that Reliance featured in the negative list of 30 companies with which Future Group could not transact.
Future Retail had asserted that the emergency award was of no consequence as it was not enforcable in India. Amazon, however, argued that the emergency award was binding on all parties as they had agreed to it as part of a contract.
SEBI has to approve scheme by FRL, Amazon objections not valid
By IANS |
Published on
Mon, Dec 21 2020 14:03 IST |
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SEBI.. Image Source: IANS News
New Delhi, Dec 21 : SEBI has to approve the scheme submitted by Future Retail Limited (FRL) so long as the scheme is in compliance with statutory provisions of Companies act and other SEBI regulations.
Amazon s objections is no longer relevant for approval of Scheme by SEBI is the takeaway from the Delhi High Court order today.
FRL Board Resolution approving Scheme and sale of business to Reliance is Valid and in accordance with statutory provisions not void as claimed by 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. On August 29 this year, the Future Group announced sale of its retail and wholesale business to Reliance Retail in a Rs 24,713 crore deal. It announced plans to merge key group companies, including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL. However, the Jeff Bezos-led company argued that a 2019 pact it signed with Future prevented the Indian company from selling its retail assets to certain parties. It had also won an interim award against the transaction between RIL and the Future group after a Singapore-based single judge arbitration panel put the transaction on hold.
No case of injunction in favour of Future Retail, against Amazon msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.