In a major setback to Future Retail, the Delhi High Court on Monday, 21 December, refused to restrain Amazon from approaching regulatory bodies against its asset sale with Reliance Industries.
The order was pronounced by Justice Mukta Gupta in the suit by Kishore Biyani-owned Future Retail Limited after Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC) restrained Future Group from taking any steps in furtherance of the transaction with Reliance Retail, reported Bar and Bench.
The bench observed that the Emergency Award was valid, and the Kishore Biyani-owned company's resolution approving the transaction with Reliance was also valid.
Earlier this year, Reliance had announced the acquisition of retail businesses of Future Group for Rs 24,713 crore, and at the time, it was reported that Amazon’s shareholding in Future Coupons would continue.
Amazon had argued the 2019 deal it signed with Future prevented the Indian company from selling its retail assets to certain companies. Amazon had also won an interim award against the transaction between RIL and the Future group after Singapore International Arbitration Centre (SIAC) put the transaction on hold, reported Business Standard.
The Future Group sought a plea to restrain Amazon from interfering in the Reliance Retail-Future deal.
(With inputs from Bar and Bench, IANS)
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