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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.
Explained: Why Future Group took Amazon to court, and what the Delhi HC said
Given that Future Retail failed to stop Amazon from presenting itself to the various government bodies and regulators, the e-commerce giant will be allowed to make its case, mainly on the basis of the arbitration award. Written by Pranav Mukul , Edited by Explained Desk | New Delhi | Updated: January 4, 2021 12:08:35 pm
The Amazon logo sits on a box as it passes under a scanner inside an Amazon center. (Bloomberg Photo: Alex Kraus, File)
The Delhi High Court Monday declined to grant 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.
Delhi HC dismisses Future Group s plea for interim injunction against Amazon
File Photo-AFP
In a major victory for Amazon and a setback to Future Group, the Delhi High Court on Monday declined to grant Kishore Biyani-led company s plea for an interim injunction restraining the e-commerce giant from writing to SEBI, CCI and other authorities about the arbitral order against its asset sale.
Justice Mukta Gupta passed the order on Future Retail Ltd s (FRL) plea claiming that Amazon writing to the authorities about the emergency arbitrator s award amounts to interfering with the Rs 24,713 crore Reliance-Future deal.
The Singapore International Arbitration Centre (SIAC) on October 25 had passed an interim order in favour of Amazon barring FRL from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.
CAIT says Amazon s arbitrary policies to dominate India s retail trade should end
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Last Updated: Dec 21, 2020, 08:41 PM IST
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Synopsis
The court rejected Future Retail Ltd s (FRL) plea for an interim injunction to restrain Amazon from writing to Sebi, the Competition Commission and other authorities about the SIAC arbitral order against the proposed Rs 24,713 crore deal with Reliance Retail.
AFP
NEW DELHI: Trader s body CAIT on Monday said Amazon s manipulative, coercive, arbitrary and dictatorial policies to dominate India s retail trade should come to an end, hours after the Delhi High Court passed an order related to Future Group s proposed asset sale to Reliance Retail, a deal that is being opposed by Amazon.