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Future Retail says Amazon filed petition in SC against Feb. 8 order on RIL deal

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Future Retail Ltd said on Monday that large e-commerce firm Amazon has filed a petition with the Supreme Court against the Feb.8 order on the Future Group. 24,713 crore deal with Reliance.

The company also said it would defend the Amazon petitioner through legal counsel.

Future Retail Certificate on BSE was trading 1.83% higher at 77.85 Monday during late trading.

On February 8, the Delhi High Court suspended its single judge ruling on Future Retail Ltd (FRL) and various statutory authorities in order to maintain the status quo regarding its Reliance Retail deal. The court ruled that statutory authorities could not be prevented from acting in accordance with the law.

A bench of Chief Justice DN Patel and Justice Jyoti Singh adopted the FRL’s interim directive on appeal challenging the February 2 order of the single judge.

The bench also denied Amazon’s request to keep its order on hold for a week so it could explore the appropriate remedies.

The court, while suspending the February 2 order, said statutory authorities, such as the National Company Law Tribunal, ICC and SEBI, could not be prevented from proceeding in accordance with the law in relation to relates to the agreement.

The court also sent Amazon a notice and requested its position on FRL’s appeal by February 26, when it will begin a daily hearing in the case.

In further development last week, mint reported that Amazon had asked the Supreme Court to block the Future-RIL deal.

Amazon argued that the Delhi Superior Courts Division bench, under the Arbitration Act, did not have the authority to hear Future Retail Ltds (FRL) ‘s (FRL) appeal against the e-commerce giant. Nor did he have the power to make an interim order against the Singapore International Arbitration Centers Emergency Arbitration Order of October 25 which prevented Future Group from taking action. view of the asset sale agreement with RIL, Amazon argued.

In its earlier order, the Delhi High Court allowed Future Group, led by Kishore Biyani, to continue working on its deal with RIL, stating that the US e-commerce giant could not interfere with the deal and that authorities Regulators such as Securities and Exchange Board of India (Sebi) and NCLT should not be prevented from fulfilling their statutory obligations with respect to the agreement.

Last month, Amazon contacted the Delhi High Court to seek enforcement of the Singapore International Arbitration Center (SIAC) Emergency Arbitrator’s (EA) interim order that prevented FRL from concluding the ‘deal with Reliance.

Judge Midha had ordered the FRL and other parties to maintain the status quo until the reserved order was declared.

Amazon and Future have been locked in a bitter legal fight after the U.S. e-commerce giant dragged Future Group into arbitration at SIAC, arguing that the latter violated their contract by making a deal with rival Reliance.

Amazon had invested in Future Coupons in August 2019, with a call option in the flagship Future Retail after a period of three to 10 years.

In August last year, the Future Group struck a deal with billionaire Mukesh Ambani’s RIL to sell its retail, wholesale, logistics and warehousing units in a Offer of 24,713 crore.

On October 25, 2020, an interim award was passed in favor of Amazon with a single judge bench of VK Rajah prohibiting Future Retail from taking any action to dispose of or encumber its assets or issue securities to secure any financing of a restricted part. .

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