Future-Amazon-Reliance: Delhi HC refuses to restrain Amazon from writing to statutory authorities IANS
New Delhi: The Delhi High Court Monday refused to restrain Amazon from interfering in Future Retail’s deal with Reliance Retail by writing to the statutory authority in view of the Emergency Award.
A bench of Justice Mukta Gupta ruled that the statutory authorities were free to form their own opinion as per law.
The bench observed that prima facie the suit filed by Future Retail was maintainable.
The observations were passed while the court was hearing a plea for an interim injunction restraining Amazon from writing to the SEBI, Competition Commission of India and other authorities about the arbitral order against its assets sale.
Regulators will decide Future-Reliance deal: Delhi HC ANI | Updated: Dec 21, 2020 17:44 IST
New Delhi [India], December 21 (ANI): The Delhi High Court on Monday held that the statutory authorities or regulators will decide on the approval of the Future-Reliance deal as per the law and declined a plea of Future Retail Ltd to restrain Amazon from interfering in its deal with Reliance Retail on the basis of an interim order of Singapore International Arbitration Centre.
A single-judge bench of Justice Mukta Gupta, while passing a detailed judgement said that the Securities and Exchange Board of India (SEBI) and the Competition Commission of India (CCI) will decide on Amazon s objections to Future Retail-Reliance Group deal.
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.