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Tuesday, January 25, 2022

Bad news for Future Retail, Delhi High Court got relief, but now reached the Supreme Court

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On March 22, the Delhi High Court stayed the order of the single judge, which has now been challenged in the Supreme Court by Amazon.

The deal is to sell to Reliance Retail for 24,713 crores.

Future Retail said on Wednesday that Amazon has filed an application in the Supreme Court against an order of the Delhi High Court which has stayed the order of a single judge. . In a single judge’s order, Future Retail Ltd. was prohibited from taking further steps on the deal to sell its business to Reliance Retail for Rs 24,713 crore.

“On April 13, 2021, the lawyers of the company received a notice from NV Investment Holdings LLC, lawyers of Amazon.com, that it issued an order dated March 22, 2021 of the Delhi High Court bench A special leave petition has been filed against the Supreme Court. “Future Retail said that it would fight the case through its lawyers and present its case.”

It is noteworthy that the High Court had stayed the order of the single judge on 22 March. In the order, Future Retail was forbidden to step up the agreement to sell its business with Reliance Retail. The US e-commerce company Amazon had raised objections to the deal. A single judge ruled in favor of Amazon’s petition. The petition requested to give directions for implementing the decision of the Emergency Arbitration Tribunal of Singapore. The arbitration tribunal in its judgment on October 25, 2020, asked Future Retail not to pursue a deal of Rs 24,713 crore with Reliance Retail.

Also read, the government is going to sell its stake in these two government companies, 900 crores will come to the treasury

Also read, Good news for investors of this IT giant, announces dividend of Rs 15 per share

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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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