The Delhi High Court has sought a response from Kishore Biyani-led Future Retail Limited (FRL) on a petition filed by US e-commerce company Amazon. In this petition, Amazon has appealed in an interim order to a single judge bench to dismiss the findings against it. A single-judge panel said Amazon’s attempt to regulate future retailers violated the Foreign Exchange Management Act (FEMA) and Foreign Direct Investment (FDI) rules.
Chief Justice D.N. Patel and Justice Jyoti Singh’s court issued notice to FRL, Reliance Retail and Biyani to file an Amazon appeal against some of the remarks by a single judge in the interim order dated December 21, 2020.
Amazon appeals to SEBI about Future-Reliance deal
Amazon has appealed for comments to be dismissed in its appeal. Amazon says the findings will affect the arbitration hearing set before the Singapore International Arbitration Center (SIAC). The Single Bench’s views on the sale of FRL’s assets under a Rs 24,713 crore deal with Reliance Retail do not match the SIAC emergency arbitration order dated October 25, 2020, it said.
The next hearing of the case is scheduled for February 12
Amazon said in its appeal that the findings of the Dec. 21, 2020 order give FRL the opportunity to ignore the Emergency Intervention (EA) order. Harish Salve, a senior lawyer who attended the FRL, said, “We have a strong objection to the appeal. It’s not okay. We give our answer. Many things have been said in the appeal, to which we respond. The court has set Feb. 12 as the next hearing date for the case. The Single Judge issued an interim order dated December 21, 2020, on the application filed by the FIRL to stop writing to the Securities and Exchange Board of India (SEBI), the Competition Commission of India (CCI) and other authorities on the SIAC’s arbitration order. Maintained.
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