Amazon Vs Future Retails- Delhi High Court Rejects Future Retails s Plea For Interim Injunction Against Amazon-Read Order livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.
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.
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.
Updated Dec 21, 2020 | 11:06 IST
On November 20, Delhi High Court had reserved verdict a plea Future Retail Ltd seeking to restrain Amazon from interfering in the Reliance Retail-Future deal on the basis of an interim order passed by SIAC Amazon-Future Retail case: Delhi High Court refuses to restrain Amazon from writing to SEBI, CCI
New Delhi: In a major setback to Kishore Biyani-led Future Retail, the Delhi High Court on Monday refused to restrain e-Retail giant Amazon from interfering in the Kishore Biyani-owned company s deal with Reliance Retail by writing to statutory authorities like SEBI and CCI.
The order was pronounced by a Single Judge Bench of Justice Mukta Gupta in the suit by Future Retail Limited after an Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC) restrained Future Group from taking any steps in furtherance of the transaction with Reliance Retail.