The Delhi High Court had earlier issued a notice on Amazon's plea seeking interim injunction against Future Retail Ltd. (FRL) and Reliance Industries Ltd's deal worth nearly Rs. 25,000 crores which was approved by a Board Resolution of FRL last year.
The Delhi High Court today granted interim relief to Amazon directing all authorities and parties to maintain status quo on the deal until a detailed interim order on the case is made.
The Court was hearing a plea by Amazon Inc. against Future Retail Ltd. (FRL) and Reliance Industries' retail stake sale deal worth Rs. 25,000 crores.
Gopal Subramanium appearing on behalf of Amazon submitted that FRL could not unilaterally declare an otherwise valid award as a nullity qua itself, whereas for all other parties to the Arbitration agreement, the award was still valid and binding.
Senior Advocate Gopal Subramanium, Pathak and Associates, AZB and Advocates Pawan Bhushan Hima Lawrence Ujwala Uppaluri appeared for Amazon.
The bench of Justice Midha lastly directed the parties to submit a note on their factual positions and legal propositions.
National Company Law Tribunal Puts Future Retails Shareholders Meeting on Hold
Business
Nov 10, 2021
Deeksha Sinha
(
Editor: Ekta Joshi
)
26 Shares
On Monday (November 9, 2021), NCLT put the Kishore Biryani-led Future Group firm Future Retail's meeting with shareholders on hold. The Future Retail Limited (FRL) approached NCLAT to reschedule the shareholders meeting which was previously to be held on 11 November, 2021 to 26 November, 2021.The two groups have been engaged in a legal tussle since October 2020. Amazon has further approached courts objecting to a deal between Future Retail and Reliance Retail in 2019.Amazon further wants to...
Enforcement Directorate seeks documents from Future Group on disputed deal with Amazon
Business
Nov 10, 2021
Deeksha Sinha
(
Editor: Ekta Joshi
)
29 Shares
The Enforcement Directorate has ordered Future Group to submit documents related to the 2019 Amazon deal as a part of investigation pertaining breach of foreign investment law. The demand indicates rivalry between Amazon and Future Group after the Indian company decided to sell its assets to Reliance Industries.Amazon has argued that Future Group has violated its contract while entering into the sale. With regard to this Future group argued that Amazon is taking up illegal control of...
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