The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper
Search
+

    SC issues notice on Amazon plea for interim relief on Rs 24,713 cr RIL-Future deal

    Synopsis

    A bench led by Justice R.F. Nariman issued notices to Future Retail and RIL both of which were represented in the court today in the high-stakes case. The court notices place these companies under a legal obligation to formally place their legal submissions in court within three weeks.

    SC notice to Future Retail, others on Amazon's plea against deal with Reliance Group
    The Supreme Court on Monday issued notices on Amazon's plea for interim relief against a High Court order which had allowed the Rs 24,713 crore RIL-Future deal to proceed and restrained the NCLT from passing any final orders on the amalgamation. Proceedings in the NCLT will, however, continue.

    A bench led by Justice R.F. Nariman issued notices to and both of which were represented in the court today in the high-stakes case. The court notices place these companies under a legal obligation to formally place their legal submissions in court within three weeks.

    Amazon, which has a 49 per cent share in Future Retail, has opposed the deal between Future and RIL.

    It has already won an international arbitration in Singapore on this and has also moved the High Court seeking action against Future's Kishore Biyani for violating an agreement which barred it from dealing with RIL in any manner.

    Future has also moved the NCLT (National Company Law Tribunal) to execute the deal. Those proceedings are underway.

    Amazon's proceedings in the High Court initially went in its favour with a single judge ordering status quo on the deal. But a division bench recently revoked the status quo allowing all regulatory and statutory proceedings regarding the deal to go on.

    Today, Justice Nariman initially said that the court "understands what was going on" and wanted to completely stay the NCLT proceedings. But eventually only stayed the Tribunal from passing any final orders regarding "sanction of the scheme".
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    19 Comments on this Story

    Ragupathy Baskaran13 days ago
    Future cannot violate the agreement already made with Amazon. Legally Amazon is on the right side. An agreement is an agreement which cannot be simply overlooked to make another agreement. It is not child's play.
    Madhu Mohan14 days ago
    hello author, I think Amazon does not have any holdings on Future retail but holds on Future coupons.
    Kavi Tanna14 days ago
    Future signed a contract with Amazon. People can hate Amazon like I do but the fault is on Future Group for signing that deal. Ultimately it will be decided by the SC. SC can only interpret the law and act on it, if the laws are weak then Reliance can still win.
    Read before you invest. Insights on Reliance Industries Ltd.. Explore Now
    The Economic Times