The battle between the world’s richest man Jeff Bajos and the richest man in Asia, Mukesh Ambani, is set to buy the future group of Kishore Biyani. The Reliance-Future Agreement between the Singapore Emergency Arbitration (EA) Court and the Delhi High Court and the Supreme Court has caught the attention of entrepreneurs around the world but this deal of Rs 24,713 crore to seize the Reliance and Amazon retail market is a big link to fulfill the dream. Reliance has money and influence, but does not specialize in e-commerce business. At the same time, Amazon also has money and influence and an unquestionable rule in the e-commerce market.
Kishore Biyani gets big relief in Reliance-Future deal case, Delhi High Court bans single-bench order
Amazon founder and CEO Jeff Bezos owns $ 178 billion in assets. At the same time, Reliance owner Mukesh Ambani owns nearly Rs 90 billion in assets. In such a situation, there is no shortage of wealth to occupy a vast retail market such as India. While Reliance connects retailers nationwide with Geo Mart, Amazon is fast connecting retailers nationwide with its e-commerce portal. By providing a better platform for all, it is delivering on small zip codes across the country.
What happened in court on Monday
The Delhi High Court on Monday adjourned the decision of the single judge to prevent Future Retail Limited (FRL) from pursuing its Rs 24,713 crore Reliance Agreement. American e-commerce company Amazon has objected to the FRL deal with Reliance. Delhi High Court Chief Justice D.N. The Divisional Tribunal of Patel and Justice Jasmeet Singh, while hearing a future group appeal, issued a notice to Amazon withholding the March 18 verdict of a single judge.
The bench also issued an order by a single judge to appear in court on April 28, enclosing the assets of Kisher Biyani and others in the Future Group. 20 lakh to Prime Minister’s Relief Fund in two weeks to Future Group and its directors. This money should have been used to administer the Kovid-19 vaccine to senior citizens of Delhi’s Lower Poverty Line (BPL).
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The single-judge decision came at Amazon’s request to approach the Singapore Emergency Arbitration Court ruling on October 25, 2020, and allow future retailers to pursue a deal with Reliance Retail. To direct him to stop. Senior advocate Harish Salve, appearing on behalf of Future Group at the High Court, on March 18, appealed for the suspension of all orders issued by a single judge. He said that the tribunal had earlier given an interim injunction on the earlier order of a single judge and it was not even barred in the Supreme Court. The Supreme Court is also reviewing the case.
Salve argued that a single judge should not issue such an order, as the Supreme Court is also investigating the case and the High Court is already reviewing the case. Senior advocate Gopal Subramaniam, who appeared on behalf of Amazon, said it was appropriate for the Supreme Court to take notice of the single judge order.
