The Supreme Court on Monday issued notice to Future Retail and others on Amazon’s plea against Delhi high court order to maintain status quo on deal with Reliance Industries (RIL).
It also said that the proceedings before the National Company Law Tribunal (NCLT) will go on and but will not culminate into any final order on amalgamation of FRL with Reliance.
About Status quo
Earlier this month, the Delhi high court had stayed a previous order on status quo of its deal with Reliance in an interim order.
It had ruled that statutory authorities cannot be restrained from acting in accordance with law.
About Deal
In August last year, Future group entered into a deal with billionaire Mukesh Ambani’s RIL to sell its retail, wholesale, logistics and warehousing units in a Rs 24,713 crore deal.
Amazon had invested in Future Coupons in August 2019 with an option of buying into the flagship Future Retail after a period of three to 10 years.
The US e-commerce giant dragged Future Group to arbitration at SIAC, arguing that the latter had violated their contract by entering into the deal with rival Reliance.
What’s next?
The court issued notices to Future Retail Ltd. seeking written statements on Amazon’s petition.
Justice Rohinton F. Nariman who’s heading the two-judge panel said the court will hear the case again after five week.
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