Future group revs up joint ventures as tussle with Amazon drags on The Future group is re-energising its joint ventures (JVs) with dairy major Fonterra and American food firm Hain Celestial as it prepares for life after a tough 2020. The Kishore Biyani-led group’s debt had spiralled out of control last year, forcing it to get into a nearly Rs 25,000-crore transaction with Reliance Retail. The deal, which includes sale of the retail, wholesale, and logistics assets of the Future group, has since been challenged by Amazon.Read more
NITI Aayog submits first list of about 12 PSUs for privatisation The government has kicked off its privatisation drive, with the NITI Aayog, a body headed by the prime minister, submitting its first list of about 12 public sector undertakings (PSUs) to be privatised. The organisation has submitted the list comprising PSUs in strategic sectors, which will be considered by the Department of Investment and Public Asset Management (DIPAM), and the Core
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Position Of Emergency Arbitrator And Emergency Award In India
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As a measure to provide urgent interim relief, the concept of emergency arbitration has come up in the field of arbitration. Almost all the international arbitration centres such as the International Chamber of Commerce (ICC), Singapore International Arbitration Centre (SIAC) and Hong Kong International Arbitration Centre (HKIAC) as well as arbitration centres closer home such as Delhi International Arbitration Centre (DIAC), Mumbai Centre for International Arbitration (MCIA) and others have introduced the provision for emergency arbitrator for seeking interim relief in case of exceptional urgency.
Even though many arbitration institutions have recognised and incorporated the concept of Emergency Arbitration and the awards granted by the emergency arbitrator, however, India still does not recognise this concept and so far has not recognized emergency awards. This relief is available to part
Firms/companies > A > Amazon
And now, Amazon gets SC to stay Future-Reliance deal
23 February 2021
The Supreme Court on Monday issued notices to Future Retail Limited and Reliance Industries Ltd on a plaint filed by Amazon Investment Holdings challenging the Delhi High Court order which had lifted a stay order on the Future- Reliance deal passed earlier by a single judge of the court.
A bench headed by Justice Rohinton Nariman also ordered that while the proceedings before National Company Law Tribunal (NCLT) can go on, it should not arrive at any final order of sanction of the scheme. Issue notice. Dasti in addition. To come up after three weeks. Rejoinder to be filed two weeks thereafter. List thereafter. Meanwhile, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme, the Court ordered.
The Supreme Court on Monday sought a response from Future Retail Limited (FRL) in a plea by e-commerce giant Amazon challenging the Delhi High Court order which had stayed the implementation of status quo direction passed by single-judge of the High Court with respect to the $3.4 billion Future-Reliance deal. A bench headed by Justice Rohinton Nariman also said that while the proceedings before National Company Law Tribunal (NCLT) can go on, they should not culminate in any final order of sanction of the scheme. “Issue notice. Dasti in addition. To come up after three weeks. Rejoinder to be filed two weeks thereafter. List thereafter,” the court ordered, according to law platform Bar & Bench. “Meanwhile, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme.”