Future-Reliance deal illegal and arbitrary : Amazon tells Supreme Court
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Amazon on Thursday approached the Supreme Court against Future Group s $3.4 billion retail assets sale to Reliance Industries. The E-commerce giant termed a Delhi High Court judgment revoking a previous single judge decision blocking the deal illegal and arbitrary , reported
Reuters.
The Delhi High Court had on Monday stayed an order on status quo of the deal and ruling that statutory authorities cannot be restrained from acting in accordance with the law. The order is, however, an interim one and the next hearing is on 26 February.
The HC will hear the matter again later this month but noted that authorities like markets regulator Sebi and antitrust regulator Competition Commission of India (CCI) could not be restrained from “proceeding in accordance with law”. The single-judge bench is yet to give its final order on the original Amazon petition as well
India Business News: BENGALURU: In a setback for US e-commerce giant Amazon, a two-judge bench of the Delhi high court lifted the status quo on Future Group’s deal with Re.
Future Group shares rise up to 10% after Delhi HC lifts Status Quo order on RIL deal
Share of Future Group firm Future Retail gained 9.84% to Rs 80.40 on BSE. The stock has gained after 4 days of consecutive fall
BusinessToday.In | February 9, 2021 | Updated 11:28 IST
Future Lifestyle share gained 9.35% to Rs 90.60 on BSE
Future Group stocks rallied in early trade today after the Delhi High Court stayed the implementation of a single-judge order to Future Retail Ltd (FRL) and various statutory authorities to maintain status quo regarding the Rs 24,713 crore deal with Reliance Retail.
While share of Future Consumer rose 8.86% at Rs 8.60, Future Lifestyle share gained 9.35% to Rs 90.60 on BSE. Future Consumer share is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The stock has lost 61.61% in one year and gained 0.82% since the beginning of this year.