The Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.
Delhi High Court Orders Status Quo On Future Group-Reliance Retail Deal
Feb 03 2021, 10:58 AM
February 02 2021, 5:07 PM
February 03 2021, 10:58 AM
A single-judge bench of Justice JR Midha of the Delhi High Court has directed a status quo on the Rs 27,513-crore deal between the Future Group and billionaire Mukesh Ambani-led Reliance Retail Ventures Ltd.âThis court is satisfied that immediate orders are needed to protect the rights of the petitioner (Amazon.com Inc.) till the pronouncement for the reserved order. In that view of the matter, the respondents (Future Group) are dire.
A single-judge bench of Justice JR Midha of the Delhi High Court has directed a status quo on the Rs 27,513-crore deal between the Future Groupand billionaire Mukesh Ambani-led Reliance Retail Ventures Ltd.
Future-RIL deal | Future Group rejects Delhi High Court proposal for entering into talks with Amazon for amicable resolution
Last week, Kishore Biyani said that Amazon’s bid to stall Future Group’s $3.4 billion retail assets sale is similar to Alexander the Great’s “ruthless ambition to scorch the earth.
Future Group Chairman Kishore Biyani.
The Kishore Biyani-led Future Group on February 2 rejected the Delhi High Court s proposal to enter into talks with e-commerce giant Amazon for amicable resolution with the latter in a Rs 24,713-crore deal with Reliance Industries (RIL), according to a report by CNBC-TV18.
The Delhi High Court had proposed the appointment of a two-judge panel to help Amazon and Future Group negotiate a settlement.
HC ask if Amazon, Future open to resolve issue relating to Reliance deal
By Mansoor| Published: 1st February 2021 9:32 pm IST
New Delhi: The Delhi High Court Monday sought to know whether US-based e-commerce giant Amazon and Kishore Biyani led Future Retail Ltd (FRL) were open to resolving the issue arising out of Rs 24,713 crore deal between FRL and Reliance Retail.
The counsel for both, Amazon and Future Group, submitted that they would seek instructions and inform the court on Tuesday.
The court was hearing a plea by Amazon seeking direction to order enforcement of the award by Singapore’s Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.
Updated Feb 01, 2021 | 20:29 IST
The Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them. HC ask if Amazon, Future open to resolve issue relating to Reliance deal | Photo Credit: IANS
New Delhi: The Delhi High Court Monday sought to know whether US-based e-commerce giant Amazon and Kishore Biyani led Future Retail Ltd (FRL) were open to resolving the issue arising out of Rs 24,713 crore deal between FRL and Reliance Retail. The counsel for both, Amazon and Future Group, submitted that they would seek instructions and inform the court on Tuesday.