Relief for Future Group, SC stays all proceedings before Delhi HC in Amazon case

09-09-2021 Thu 13:47 IST | IANS | National
Relief for Future Group, SC stays all proceedings before Delhi HC in Amazon case

New Delhi, Sep 9 : The Supreme Court on Thursday stayed all proceedings before the Delhi High Court on Amazon's petition seeking enforcement of Singapore emergency arbitrator's (EA) award, which restrained the Future Group from going ahead with its Rs 24,731 crore merger with Reliance Retail.

A bench headed by Chief Justice N.V. Ramana said: "Stay all further proceedings before the Delhi High Court and all other authorities - CCI, NCLT and SEBI - not to pass any final order for four weeks."

The top court has scheduled the hearing in the matter after four weeks, awaiting the EA's decision on Future's objection to proceedings by Amazon.

The top court passed the order after hearing detailed arguments by senior advocates Harish Salve and Mukul Rohatgi for the Future Group and senior advocate Gopal Subramanium for Amazon. The top court took into consideration the submissions advanced by counsel for the parties and the fact that the parties have approached the Singapore International Arbitration Centre for vacating the stay passed by the emergency arbitrator and the arguments in the said matter have been concluded and the order is going to be pronounced shortly.

"We think it fit to balance the interest of both the parties by staying all further proceedings before the Delhi High Court for the time being. Ordered accordingly. We further direct to all the authorities i.e. NCLT, CCI and SEBI not to pass any final order for a period of four weeks from today. This order has been passed with the consent of both the parties. List these matters after four weeks," said the top court in its order.

On September 3, the Supreme Court had said it will give a date on Future Retail Ltd's (FRL) fresh appeal challenging the Delhi High Court order, which asked it to implement its earlier direction restraining the firm from going ahead with its Rs 24,731 crore merger with Reliance Retail.

Senior advocates Salve and Rohatgi sought early hearing on the appeal as the High Court would go ahead with the enforcement of the EA's award, if stay is not granted in its favour by the apex court.

On August 17, the high court asked the FRL to implement the earlier single-judge bench order restraining it from going ahead with the deal. The high court passed the order while e-commerce giant Amazon, seeking enforcement of the award by Singapore's EA restraining FRL from going ahead with the deal.

In the absence of stay from the top court, the high court had noted that it has no option but to enforce the order passed by its single judge on March 18.

In March, a single judge bench of the high court besides restraining FRL from going ahead with its deal with Reliance Retail, had imposed costs of Rs 20 lakh on the Future Group and others associated with it. The judge had also ordered attachment of their properties.

The top court, on August 6, delivered a judgment favouring Amazon by upholding Singapore EA's award, restraining the Rs 24,731 crore FRL-Reliance Retail merger deal is valid and enforceable under Indian arbitration laws.


More News
DGCA warns airlines against offering unserviceable seats
3 hours ago
Aishwarya Rai's modelling bill from '92 surfaces; she was paid Rs 1,500!
3 hours ago
BFI, SAI felicitate World Championships medallists Nikhat, Parveen and Manisha
3 hours ago
Violence in Andhra town over renaming district after Ambedkar
4 hours ago
Hyderabad youth jailed for 15 days for sending obscene photos
4 hours ago
India-Japan agree to enhance bilateral security & defence cooperation
4 hours ago
Public confidence must for using facial recognition with AI: KTR
4 hours ago
Will fight attempts of Centre to target my father through me: Karti Chidambaram
4 hours ago
KCR to avoid meeting PM Modi again
6 hours ago
TDP, Jana Sena behind violence in Amalapuram over district renaming row: Minister Viswarup
7 hours ago
Modi meets chairperson of Japan-India Association in Tokyo
8 hours ago
Proposed GPS to govt staff after assessing state’s financial position: Sajjala
8 hours ago
Drones prohibited around ISB Hyderabad for PM's visit
9 hours ago
PM to visit Hyderabad, Chennai on May 26 for various programmes
9 hours ago
AI to make roads in India safer to drive
9 hours ago
KTR meets Andhra CM Jagan, Aaditya Thackeray
9 hours ago
Gudur: Gang war between B. Tech & polytechnic students of Audisankara Engg College
9 hours ago
Why YSRCP, TDP, Jana Sena scared of BJP, asks Vundavalli
9 hours ago
TPCC chief Revanth is blackmailer, alleges Minister Malla Reddy
10 hours ago
I look forward to further strengthening Olympic Movement in India: Nita Ambani on launch of OVEP in Odisha
11 hours ago