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Home NEWS Another twist in the future-reliance deal, Amazon moves SC to remove stay

Another twist in the future-reliance deal, Amazon moves SC to remove stay

The battle of Future Group-Amazon is currently going on in different benches of Supreme Court, Delhi HC and NCLT, Mumbai Bench.

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The ongoing dispute regarding the Future-Reliance Deal is not being named. Amazon on Wednesday moved the Supreme Court against the March 22 order of the Division Bench of the Delhi High Court. In this order, the stay given by the single judge bench on the Future Retail-Reliance retail deal worth Rs 24,713 crore was removed.

The order of the Division Bench, which called for a stay, ruled the single judge guilty of Kishore Biyani, president of Future Group and others, for going ahead with the deal and issued a show cause notice to him and other directors. . The single judge also approached the regulatory authorities on March 21 to withdraw all approvals given to the deal and deposit Rs 20 lakh for violating Singapore’s emergency arbitrator’s interim stay order on October 25, 2020 in future. Had given instructions.

The judge also asked for the assets of Biyani and other directors to be attached and asked them to appear before it on 28 April. The division bench stayed all these guidelines till April 30, the next date of hearing.

Earlier on February 8, the division bench stayed the single judge’s February 2 order restraining Future from seeking clearance for the deal and allowed it to proceed. Subsequently, Amazon appealed against that order before the Supreme Court. On 22 February, although the SC allowed proceedings to seek approval to continue before the Mumbai Bench of the National Company Law Tribunal, it barred the tribunal from passing the final order until the matter is disposed of by it.

The Supreme Court will next hear the case on 27 April. Future Group-Amazon’s fight over the deal is currently going on in different benches of the Supreme Court, Delhi HC and before the NCLT, Mumbai Bench.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

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