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Amazon vs Future: SC says will decide case, stays HC proceedings

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New Delhi | Tuesday, 2021 3:45:06 AM IST
The Supreme Court on Monday stayed the proceedings before the single judge and division bench of the Delhi High court on the Amazon-Future deal.

A bench headed by Justice R F Nariman and comprising Justices B R Gavai and Hrishikesh Roy said the matter will be finally decided by the top court.

On April 8, Amazon had moved the top court against the Delhi High Court's division bench order, which vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries.

On Monday, after a brief hearing in the matter the top court stayed the High Court proceedings in connection with the amalgamation of Future Retail Ltd (FRL) with Reliance Retail. The top court has scheduled the matter for further hearing in first week of May, after parties in the matter complete pleadings.

Amazon, in its appeal, had challenged the March 22 order passed by a Division Bench of the Delhi High Court staying the Single Judge order.

Amazon had dragged Future Group to arbitration at SIAC in October last year arguing that it violated their contract by getting into the deal with rival Reliance. In August 2019, Amazon had invested in Future Coupons with an option of buying into the flagship Future Retail after a period of three to 10 years.

Earlier, FRL had moved before Delhi High Court division bench challenging it's a single judge's order upholding the Singapore's Emergency Arbitrator's (EA) order. This order had restrained FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business.

The High Court division bench granted reprieve to Future from a single judge order on March 18, which restrained it from taking any steps to sell assets to Reliance.

Amazon had sought a stay on March 22 order of the division bench, and terming it "illegal", "random", "inequitable and unfair". "It is trite law that if an order is passed under the Act, it is appealable only under the provisions of the Act and not under any other law," the appeal said.

--IANS ss/arm

( 363 Words)

2021-04-19-21:46:02 (IANS)

 
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