A lawyer for Amazon on Friday told the Delhi High Court that the e-commerce giant is constantly committed to helping Future Retail Limited (FRL) and it doesn’t want the company to go down. The lawyer argued that Amazon was in touch for the purpose of resolving the matter even till the time the Future-Reliance deal was made public. The Delhi High Court is hearing the appeal filed by Future Retail Limited (FRL) against the Court s order passed earlier this week. It had asked FRL to maintain the status quo with respect to its $3.4 billion (about Rs 24,700 crore) deal with Reliance Retail. The court had said it was satisfied that an immediate interim order was required to be passed to protect the rights of e-commerce firm Amazon.
The arguments remained inconclusive and will continue on February 8. (File)
New Delhi:
US e-commerce giant Amazon on Friday urged the Delhi High Court to declare that the Emergency Arbitrator (EA) award by the Singapore International Arbitration Centre (SIAC) putting on hold Rs 24,713 crore deal between Future Retail Ltd s (FRL) and Reliance Retail was akin to an order of court and enforceable like any other judicial direction.
The submission was made by Amazon before a bench of Chief Justice DN Patel and Justice Jyoti Singh during the hearing of FRL s plea challenging a single judge interim direction to maintain status quo regarding the deal.
Future Retail Ltd has said that SEBI s one-year ban on its Chairperson Kishore Biyani and some other promoters from the securities market will have no impact on the Rs 24,713 crore-deal with Reliance. Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by Securities and Exchange Board of India (SEBI) on Wednesday. the . Order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this Order in exercise of their statutory right to appeal, Future Retail Ltd (FRL) said in a late-night regulatory filing on Wednesday.
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SEBI ban on Kishore Biyani, others won t sway Reliance deal, says Future Retail
Future Retail Ltd (FRL), in a late-night regulatory filing on Wednesday, February 3, said the order will have no impact on the ongoing Scheme of Arrangement of the company
BusinessToday.In | February 4, 2021 | Updated 16:37 IST
Future Group CEO Kishore Biyani and other promoters as well as Future Corporate Resources Pvt Ltd (GCRPL) are planning to file an appeal against the SEBI s order on Wednesday, February 3
Future Retail Ltd has said the one-year ban imposed by SEBI on the company s Chairperson Kishore Biyani and other promoters from the securities market will have no impact on its deal with Reliance Retail Ventures Ltd (RRVL), a unit of Reliance Industries.