Amazon passes an appeal petition to the Supreme Court to block the Future Retail and Reliance Industries Limited slump sale deal. The e-commerce giant has also sought an interim stay against the said deal.
“Grant Special Leave to Appeal against the Impugned Interim Common Order dated 08.02.2021 passed by the Hon’ble High Court of Delhi,” Amazon also urged along with seeking interim relief on the matter to block the ₹25,000 crore slump sale of assets by Kishore Biyani-owned Future Retail to the Mukesh Ambani-owned Reliance.
On 8th February, the divisional bench of two judges of the Delhi High Court granted relaxation to Future Retail and lifted the ‘status quo’ implemented by Justice Midha in his interim order. The court had also noted that Future Retail was not a part of the Agreement signed between Amazon and Future Group’s Future Coupon in 2019.
In a stock exchange filing, Future Retail said: “A division bench has stayed the operation and effect of the order passed by the Ld. Single Judge, inter alia, for the prima facie reason that the company is not a party to the shareholders’ agreement dated 22 August 2019 executed between Amazon, Future Coupons Pvt. Ltd (FCPL) and the promoters of FRL (Future Retail Ltd), under which arbitration was initiated by Amazon in Singapore.”
Inputs- The Hindu