The Supreme Court on Monday blocked the approval of the National Company Law Tribunal (NCLT) for a Rs 24,713 crore deal between Kishore Biyani-led Future Retail Limited (FRL) and Mukesh Dhirubhai Ambani’s Reliance Retail. The Supreme Court has accepted an interim order on the appeal filed by e-commerce giant Amazon, making it clear that NCLT does not agree with the plan to pave the way for the transaction between FRL and Reliance. Justices F. Nariman and B.R. Gawai’s court of appeal issued notice to Future Group companies and Bianchi. The next hearing on the case will take place five weeks later. As the Supreme Court has accepted the case, the Delhi High Court has made it clear that it will not pursue the case.
Let us tell you that the Supreme Court is hearing a petition filed by e-commerce giant Amazon against the Delhi High Court ruling. Amazon has filed an appeal against the Delhi High Court order to withhold the contract between Kishore Biyani-led Future Retail Limited (FRL) and Mukesh Dhirubhai Ambani for Rs 13 24,713 crore. Amazon has filed a petition to restore the status of the FRL-Reliance Agreement. Nariman and B.R.
Future Rights – Amazon seeks $ 40 million in settlement with Reliance, which Amazon has refused
Please state in Amazon’s application, “No appeal can be filed against an order passed under Section 17 (2) of the Arbitration and Conciliation Act. Amazon has said that the single-judge status order for a limited purpose has been approved and that the divisional bench should not issue its order “in haste.”
Explain that the Delhi High Court has suspended a judge’s order for a Rs 24,713 crore business acquisition agreement between Future Retail Limited (FRL) and Reliance Retail. The tribunal said the statutory bodies, the National Company Law Tribunal, the Competition Commission of India (CCI) and the market regulator SEBI, could not prevent it from proceeding with the law.