Supreme Court Agrees To Hear Future, Amazon Pleas In Reliance Deal Case

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Supreme Court Agrees To Hear Future, Amazon Pleas In Reliance Deal Case

The Supreme Court on Thursday agreed to hear Future Group’s plea against Delhi High Court’s refusal to stay Singapore Arbitral Court’s order. The top court has scheduled to hear the case on November 23. The Supreme Court orally asked the Future Group to not proceed with the matter at any other forum till it finally hears the case.

The top court also agreed to hear Amazon’s plea seeking to restrain regulators from granting clearance to Future Group and Reliance deal.

The top court observed that it does not see how it can allow Future Group to proceed with Reliance Retail’s deal at this stage and added that if Future Group is allowed to proceed with the deal, nothing will remain in this case.

Future’s plea sought Supreme Court’s nod to hold meetings of shareholders and creditors to seek their approval for the Future-Reliance deal.

The Delhi High Court last month declined Future Group’s plea for stay on an arbitration tribunal order refusing to interfere with the Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail.

Amazon had dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) in October last year, arguing that Future Retail had violated their contract by entering into the deal with rival Reliance.

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