In the country’s retail sector, Amazon and Reliance Retail are competitors to each other. In such a case, the decision of the court will prove to be very important.
Amazon has now reached the Supreme Court to stop the Reliance-Future deal. The Delhi High Court had removed the stay in this case. Only then did Amazon turn to the Supreme Court. Reliance-Future deal has been approved by CCI. SEBI and the government have also not raised any objection to this.
Delhi High Court had removed the stay on the deal
The Delhi High Court on Monday stayed the order of a single bench between Future Retail Limited (FRL) and Reliance Retail in a Rs 24713 crore deal. The High Court single bench judge stayed the deal. This halted the deal of Rs 24,713 crore between Future and Reliance. This decision of the Division Bench is a setback for Amazon, which challenged the deal between Future and Reliance. Amazon said that according to its agreement with Future, it has the right to ‘first refusal’.
Supreme Court’s decision can be very important
The current High Court bench rejected the single bench decision, rejecting Amazon’s request that Monday’s verdict be suspended for a week. The Future Group has informed the Bombay Stock Exchange about this decision of the court. Last year, the Future Group had signed an agreement with Reliance to sell its retail, wholesale, logistics and warehousing business.
Amazon says it has a 49 percent stake in Future Coupons. Amazon says that the Future Group has broken the agreement with it. According to the agreement, Amazon has the right to first refusal before the business is sold. Amazon took refuge in the International Arbitration Court of Singapore to stop the deal between Future and Reliance.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.