SC Hears Amazon’s plea, halts Future Retail’s deal with Reliance

SC Hears Amazon’s plea, halts Future Retail’s deal with Reliance
Supreme Court (Image credits: Wikipedia)

Supreme Court on February 22, 2021, issued notice to Kishor Biyani led Future Retail and others to know their response on e-commerce giant Amazon’s plea against Delhi Court’s order to maintain the status quo on the Future Reliance deal.

The bench comprising Justices RF Nariman and BR Gavai gave three weeks to Biyani and others to reply to the notice.

While allowing the proceedings to take place before the National Company Law Tribunal (NCLT), the bench said restricted from culminating into any final order on the amalgamation of FRL with Reliance. The bench will hear the case after five weeks.

This comes days after a division bench of the Supreme Court stayed the single judge’s order that said FRL was not a party to the share subscription agreement between Amazon and Future Coupons Pvt Ltd, and Amazon was not a party in the deal between FRL and Reliance Retail.

US e-commerce giants challenged Rs 24, 713 crore retails asset sale to Reliance Retail Ltd in the Supreme Court on February 11, 2021.

According to Amazon, Future signed a retail asset sale agreement with Reliance Industries in 2020, which violates a contract.

However, the allegations were denied by the Future promoter Kishor Biyani who accused Amazon of playing “dog in a manager.”

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