Justice Mukta Gupta of Delhi High Court dismissed the petition of Future Retail. In this petition, it was claimed that Amazon is writing to the authorities about the emergency tribunal’s decision on the Reliance-Future deal worth Rs 24713 crore.
New Delhi: Mukesh Ambani-led Reliance Industries and Kishore Biyani’s future retail deal involving 24 thousand crore rupees may have to wait a little longer.
In fact, the Delhi High Court dismissed the petition filed by Kishore Biyani-led Future Retail Ltd (FRL), in which the company, led by businessman Jeff Bezos, refused to write to the SEBI, CCI about the Singapore court’s decision.
Justice Mukta Gupta of Delhi High Court dismissed the petition of Future Retail. In this petition, it was claimed that Amazon is writing to the authorities about the emergency tribunal’s decision on the Reliance-Future deal worth Rs 24713 crore.
The Singapore International Tribunal Center (SIAC), in its order of 25 October, ruled in favor of Amazon.
What is the matter?
Let me tell you that this case is related to the acquisition of a 49 percent stake in Future Group’s company, Future Coupons Ltd, through Amazon in August last year and with it the right to buy the first stake in the group’s flagship company Future Retail.
At the same time, the dispute arose when Future Group had signed an agreement to sell its retail, storage, and logistics business to Reliance Industries for about Rs 24,000 crore. After this, Amazon filed a case in Singapore court regarding the deal between Reliance and Future Group.
On the other hand, it should also be noted that the Reliance-Future deal was approved by the Competition Commission of India (CCI) only last month. However, there is still a need to get approval from SEBI and other statutory bodies for this deal.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.