Amazon-Future-Reliance Case Adjourned by Supreme Court Till July 20

The Bench had earlier stayed further proceedings before the Single Judge and Division Bench of Delhi High Court.

By ANI | Updated: 9 July 2021 09:41 IST

Amazon-Future-Reliance Case Adjourned by Supreme Court Till July 20

The top court was hearing an appeal of e-commerce giant Amazon challenging Delhi High Court's decision

Highlights

Earlier, the Bench had stayed further proceedings
Amazon has been seeking enforcement of order of the emergency arbitrator
Amazon has 49 percent stake in FCPL

The Supreme Court on Thursday adjourned for July 20 the Amazon-Future-Reliance case in view of the final hearing before the Singapore Arbitration Tribunal next week.

A Bench headed by Justice Rohinton F Nariman adjourned the matter after senior advocate Harish Salve appearing for Future Retail submitted that the Singapore Arbitration Tribunal is hearing the application from Tuesday and requested for the matter to be heard next week.

Earlier, the Bench had stayed further proceedings before the Single Judge and Division Bench of Delhi High Court in the Amazon-Future-Reliance case.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

The top court was hearing an appeal of e-commerce giant Amazon challenging the Delhi High Court's decision to stay an order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its Rs. 24,731-crore assets sale deal with Reliance Retail.

On March 22, a Division Bench of High Court Chief Justice DN Patel and Justice Jasmeet Singh had stayed a March 18 order of Justice JR Midha ordering attachment of the assets of Future Coupons Private Limited (FCPL), FRL, Kishore Biyani, and 10 others promoters.

Amazon has been seeking enforcement of an order of the emergency arbitrator (EA) at the Singapore International Arbitration Centre (SIAC) restraining FRL from taking any steps to transfer its retail assets.

Reliance-Future’s $3.4-Billion Deal Cleared by CCI

Amazon has 49 percent stake in FCPL, which in turn owns 9.82 percent stake in FRL. Amazon's contention is that it has invested Rs.1,431 crores in FCPL on the clear understanding that FRL would be the sole vehicle for its retail business and its retail assets would not be alienated without consent and never to a ''Restricted Person''.

FRL, on the other hand, has objected to the enforcement of the EA award saying that it is not an order under Section 17(1) of the Arbitration and Conciliation Act and hence not enforceable in India.

FRL has contended that the Rs 24,731-crore deal was very important to save its 25,000 employees. It had said that as per the deal, Reliance will not only take over FRL''s shops but also all its liabilities.

Windows 11 has been unveiled, but do you need it? We discussed this on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.