Delhi HC Stays Direction to Maintain Status Quo on Future-Reliance Deal
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The Delhi High Court on Monday stayed its single judge direction to Kishore Biyani-led Future Retail Ltd (FRL) and various statutory authorities to maintain status quo with regard to the Rs 24,713 crore deal with Reliance Retail. A bench of Chief Justice D N Patel and Justice Jyoti Singh passed the interim direction on FRL s appeal challenging the February 2 order of the single judge.
The bench also declined US e-commerce giant Amazon s request to keep its order in abeyance for a week so that it can explore appropriate remedies. The court while staying the February 2 order said that statutory authorities, like National Company Law Tribunal, CCI and SEBI, cannot be restrained from proceeding in accordance with law with regard to the deal.
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.
Amazon Opposing Deal As Reliance Is Competitor: Future Retail To Delhi HC moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Amazon Opposing Deal As Reliance Is Competitor: Future Retail To High Court Amazon Opposing Deal As Reliance Is Competitor: Future Retail To High Court Amazon has also contended that the appeal, by FRL against the February 2 order of the single judge, was not maintainable.
In August, Future had reached an agreement to sell its retail, wholesale, logistics to Reliance
New Delhi:
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi High Court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL.
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi High Court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it s more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.