Future-Reliance Deal: Delhi High Court Stays Direction to Maintain Status Quo

The bench also declined Amazon's request to keep its order in abeyance for a week so that it can explore appropriate remedies.

Future-Reliance Deal: Delhi High Court Stays Direction to Maintain Status Quo

EA order SIAC had restrained FRL from going ahead with the deal with Mukesh Ambani's Reliance Retail

Highlights
  • Dispute centres around FRL's decision to sell some businesses to Reliance
  • FRL said it had complied with all regulatory requirements
  • The February 2 order had come on Amazon's suit seeking enforcement
Advertisement

The Delhi High Court on Monday stayed its single judge direction to Future Retail (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 in the interim direction on FRL's appeal challenging the February 2 order of the single judge.

The bench also declined 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 court also issued notice to Amazon and sought its stand on FRL's appeal by February 26 when it will commence day-to-day hearing of the matter.

The February 2 order had come on Amazon's suit seeking enforcement of the Emergency Arbitrator (EA) order restraining FRL from going ahead with its Rs. 24,713 crore deal with Reliance Retail.

The October 25, 2020 EA order by the Singapore International Arbitration Centre (SIAC) had restrained FRL from going ahead with the deal with Mukesh Ambani's Reliance Retail. 


Can Realme X7 Pro take on OnePlus Nord? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

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.

Infinix Smart 5 India Launch Date Set for February 11, to Feature Dual Rear Cameras and 6.82-Inch Display
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »