Future Retail says Amazon filed petition in SC against 8 Feb order on RIL deal
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Future Retail also said that it will defend Amazon petitioner through legal counsel
On 8 February, the Delhi High Court stayed its single judge direction to Future Retail Ltd and various statutory authorities to maintain status quo with regard to its Reliance Retail deal
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Future Retail Ltd on Monday said that e-commerce major Amazon had filed a petition on Supreme Court against 8 February order on Future group s ₹24,713-crore deal with Reliance.
The company also said that it will defend Amazon petitioner through legal counsel.
The Delhi High Court on Monday stayed its single-judge direction to Future Retail Ltd (FRL) and various statutory authorities to maintain the status quo with regard to the Rs 24,713-crore deal with Reliance Retail in a setback for Jeff Bezos-led e-commerce giant Amazon, which has challenged the transaction. A division Bench of Chief Justice D N Patel and Justice Jyoti Singh was hearing the appeal filed by FRL against the court s order passed last week. The court had said it was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon. On Monday, the division Bench noted that FRL was not a party to an arbitration agreement with Amazon and prima facie the “group of companies” doctrine could not be invoked in the present case as the three agreements Future Retail Shareholding Agreement (SHA), Future Coupons Pvt Ltd (FCPL) SHA, and FCPL Share Subscription Agreement were distinct in nature, according to law platform Bar & Bench.
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Future Retail challenges Delhi HC s status quo order on RIL-FRL deal
08 February 2021
A day after the Delhi High Court upheld the Singapore arbitration court’s stay order in Future Group’s sale of its retail and wholesale assets to Reliance Retail, the Kishore Biyani-led Future Group moved a counter petition in the high court seeking vacation of the Delhi court’s order in favour of Amazon Inc.
Hearing in the petition started on Thursday with counsel for Amazon Gopal Subramanium arguing that the order of the arbitrator is deemed to be an order of the court and that 6he single judge order had specifically stated that it was not sitting in judgement over the Emergency Arbitration Order.
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.