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    Delhi High Court rejects Future Retail's plea for interim injunction against Amazon

    Synopsis

    Kishore Biyani-led Future Retail Ltd in November, had accused the e-commerce giant of adopting a media strategy of "having every development reported and converted into a line of communication with stock exchanges" regarding the Amazon-Future Coupons' arbitration proceedings in Singapore.

    Future-Amazon-Reliance: Delhi HC refuses to restrain Amazon from writing to statutory authorities
    The Delhi High Court today refused to restrain Amazon from writing to statutory authorities, rejecting Future Group's plea to prohibit the American giant from interfering in its deal with Reliance Retail.

    However, the statutory authorities are free to take their own decision as per law, the court said. The high court termed Future Retail's resolution approving the transaction with Reliance Retail also valid.

    The order was pronounced in the suit filed by Future Retail Limited after an emergency arbitrator of the Singapore International Arbitration Centre (SIAC) retrained Future Group doing a transaction with Reliance Retail.

    The judgement also held the award given by the emergency arbitrator as valid. Amazon, which owns a stake in Future Coupons which inturn holds 9.82 percent stake in Future Retail, had invoked arbitration on grounds that Reliance featured in the negative list of 30 companies with which Future Group could not transact.

    Future Retail had asserted that the emergency award was of no consequence as it was not enforcable in India. Amazon, however, argued that the emergency award was binding on all parties as they had agreed to it as part of a contract.

    In the meantime the Competition Commission of India approved the acquisition of wholesale, retail, warehousing and logistics businesses of Future Group to Reliance Retail last month.
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    19 Comments on this Story

    George Pais72 days ago
    If this true, strong signals are going to overseas investors on Indian corporates, Iâ d fraudulent deals takes with the help of big or giant corporates,there will certainly a trust deficit in days ahead and this will have long term consequences on our trade, industry and corporates.
    Dilip Kumar72 days ago
    Power game is going on between Amazon and Future Group which has backing of Reliance.....
    Binu Pillai72 days ago
    @Nuraj : You are right.. perfectly right.
    Read before you invest. Insights on Future Retail Ltd.. Explore Now
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