Amazon vs Future Group: In the case of Amazon vs Future Group, on Monday, the Supreme Court said that the proceedings in NCLAT (National Company Law Appellate Tribuna) will continue but no final order will come. Issuing notice on Amazon’s petition, the Supreme Court said that we have read the papers carefully, we know what is happening but at the moment we are not disclosing. The Supreme Court directed that the notice be responded to in three weeks and a counter affidavit should be filed in the next two weeks. The Supreme Court made it clear that the matter will no longer be extended to the Delhi High Court hearing.
Let us tell that American e-commerce company Amazon.com has approached the Supreme Court against the Future Group-Reliance deal. Amazon says that Future Group has violated the terms of the contract with Reliance Industries after it announced to sell its retail business. However, Future Group continues to deny all allegations. The deal has already been approved by CCI and Sebi and the government have not objected.
The Delhi High Court had stayed the order of a single judge in connection with the Rs 24,713 crore business takeover deal between Future Retail Limited (FRL) and Reliance Retail. The bench said that statutory bodies like National Company Law Tribunal, Competition Commission of India (CCI) and market regulator SEBI cannot be prevented from proceeding as per law in relation to the deal. The bench also issued notice to Amazon and sought its favor on the appeal of FRL by 26 February. After that, the matter will be heard daily.
Amazon had filed an appeal before a single judge bench of the High Court to implement the interim order of the Emergency Arbitration Tribunal of Singapore on the deal. The tribunal gave an interim order to Future Future to stop its Rs 24,713 crore deal with Reliance Retail.