A division bench of the Delhi High Court has blocked a single judge’s order asking the FRL to maintain a status quo of Rs 24,713 crore with Reliance Retail. The tribunal has said that statutory authorities should not prevent action on a law-abiding future-reliance agreement. The Delhi High Court sought to find out the Amazon stand on the FRL’s appeal against the single-judge decision to uphold the Rs 24,713 crore deal with Reallance. Let me tell you that the Delhi High Court recently asked Future Retail Limited to maintain status quo in the Rs 24,713 crore deal with Reliance Retail, which Amazon has objected to.

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The Divisional Bench of the Delhi High Court has blocked the imposition of a future retail-reliance agreement. The interim order of the Division Bench notes that the single judge passed the orders without first having all the right parties.

– Utkarsh Anand (@utkarsh_aanand) February 8, 2021

What is the whole controversy

In an interim order passed by Singapore’s International Arbitration Center (SIAC) on October 25, the FRL banned the sale of its assets. Amazon has since written a letter to the Securities and Exchange Board of India (SEBI), the Stock Exchange and the Competition Commission of India (CCI) to consider Singapore’s interim order. Amazon said it was a binding order. The FRL has appealed to the High Court that the US e-commerce company should refrain from writing to SEBI, CCI and other regulators regarding the SIAC mandate. It said it would interfere with the deal with Reliance Industries.

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FIRS lawyer Harish Salve told the court that his client did not challenge the Emergency Arbitration (EA) decision under AIAC rules because it was not recognized under Indian laws. There is no concept of EA (Emergency Arbitration) in Indian arbitration law and it has a stake of Rs 24,713 crore with Reliance Retail and Reliance Retail & Fashion Limited.