SC Bars Final Ruling on Future Group’s RIL Deal After Amazon Plea
A bench headed by Justice RF Nariman issued notices to Future Retail and RIL in the matter.
The Supreme Court on Monday, 22 February, issued notice on a plea by Amazon seeking interim relief challenging a high court order, which allowed Rs 24,713 crore RIL-Future deal to proceed. The top court also restrained the NCLT from passing final orders on the amalgamation.
A bench headed by Justice RF Nariman issued notices to Future Retail and RIL in the matter. The top court noted that proceedings in the NCLT will continue. The top court also observed that it is aware of what is going on and during the hearing pointed at completely staying the NCLT proceedings.
However, it only stayed the tribunal from passing any final order regarding sanction of the scheme.
Amazon has opposed the deal between Future and RIL, and it has already won international arbitration in Singapore on this.
The e-commerce giant had also moved the high court seeking action against Future's Kishore Biyani for violating the agreement an agreement, which barred it from dealing with RIL in any manner.
Amazon had moved the Supreme Court against the Future-Reliance Retail deal. On 8 February , the Delhi High Court had stayed the implementation of status quo ordered by a single-judge bench on the Rs 24,713-crore deal between Future Retail Ltd and Reliance.
The e-commerce company has challenged this Delhi High Court Division Bench order, which stayed the implementation of the "status quo" on the deal.
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