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.
Future Retail s plea for an ad interim injunction against the global e-commerce giant
Amazon.
However, the order also said that prima facie Future Retail s resolution approving the Reliance deal was also valid.
Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance.Reliance Industries agreed to buy Future Group but Amazon objected. The Jeff Bezos-led company already got an order from a Singapore arbitrator stopping the deal between Mukesh Ambani and Kishore Biyani from progressing.
In response, Future Group went to the Delhi High Court seeking it to stop the global e-commerce giant from interfering in the deal between. What the court said in its verdict is a case of “operation successful but patient dead”, said Hitesh Jain, Managing Partner at Parinam Law Associates.
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Transstroy, ex-TDP MP Rayapati Sambasiva Rao in CBI net for Rs 7,926 crore bank fraud
In its FIR, the CBI has named the company, its CMD Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish as accused.
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VIJAYAWADA: In a major banking scam, post-Nirav Modi’s, the Central Bureau of Investigation booked Hyderabad-based Transstroy (India) Ltd, its promoter and former TDP MP Rayapati Sambasiva Rao for an alleged bank fraud of Rs 7926.01 crore in a consortium, led by Union Bank of India.
Transstroy (India) Ltd was engaged in execution of irrigation and infrastructure projects, including the mega Indira Sagar Polavaram Project, in Andhra Pradesh, through a joint venture firm.
India’s Biggest Banking Scam: Rs 7926 Crore Published by GulteDesk December 19, 2020
The Central Bureau of Investigation booked Hyderabad-based Transstroy (India) Ltd, its promoter and former TDP MP Rayapati Sambasiva Rao for an alleged bank fraud of Rs 7926.01 crore in a consortium, led by Canara Bank.
This is the biggest banking scam in the country so far surpassing the amount misappropriated by diamantaire Nirav Modi, the CBI officials said.
Transstroy (India) Ltd was engaged in execution of major irrigation and infrastructure projects, including the mega Indira Sagar Polavaram Project in Andhra Pradesh.
The CBI, in its FIR, named the company, its CMD Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish as accused. The former MP was booked in two cases relating to the alleged fraud with the second amounting to Rs 313.79 crore approximately. It is alleged that the private firm based in Hyderabad had availed credit facilities on multi