The Supreme Court said this while hearing the petition of Amazon, the world’s largest e-commerce platform.
The Supreme Court on Monday has stayed all hearings going on in the Single Bench and Division Bench of the Delhi High Court in the case related to the Reliance-Future Group deal. The Supreme Court said this while hearing the petition of Amazon, the world’s largest e-commerce platform. Explain that Amazon had filed an appeal in the Supreme Court against the order of the Delhi High Court, in which the order of the Single Judge Bench was stayed.
In order of a single judge bench, Future Retail Limited was prohibited from taking further steps on the deal to sell its business to Reliance Retail for Rs 24,713 crore. The court stayed the Reliance-Future Group deal while giving a ruling on the petition of the giant e-commerce company Amazon. Justice JR Midha, while directing the Kishore Biyani-led FRL not to take further action on the deal, had said the group violated the Singapore arbitrator’s order.
The High Court directed the Future Group and its directors to deposit Rs 20 lakh in the Prime Minister’s Relief Fund to provide COVID-19 vaccines (COVID-19 vaccines) to below poverty line (BPL) category seniors,
What is the matter?
In August 20019, an agreement was made to buy 49 per cent stake of Future Coupons Limited, an unlisted company of Amazon Future Group. Future Coons holds a 7.3 per cent stake in Future Group’s BSE listed company Future Retail. Amazon had also signed an agreement with Future that it could also buy information details between 3 and 10 years.
On August 29, 2020, the Future Group in its contract announcement with Reliance, in which it had signed an agreement to sell its retail and wholesale business to Reliance Retail, said that its deal with Reliance Industries is worth Rs 24,713 crore. Amazon challenged against this before a one-member emergency bench at the Singapore International Arbitration Center in October 2020. Amazon alleged that it had disobeyed a contract with Reliance to sell the business with Reliance.
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