Lawstreet Journal

Delhi HC Reserves Order on Future Retail's Plea to Injunct Amazon from Interfering in Reliance Deal

Lawstreet Journal 23 Nov 2020 11:17pm

Image courtesy: Lawstreet Journal Business Delhi HC Reserves Order on Future Retail's Plea to Injunct Amazon from Interfering in Reliance Deal

On Friday (20th November, 2020), the Delhi High Court reserved order on an application by Kishore Biyani led Future Retail Ltd (FRL). 

The order was given to stop Amazon from interfering in the Rs 24,713 crore Reliance-Future deal on the basis of an interim order passed by the Singapore International Arbitration Centre (SIAC).

This was heard by a bench of single judge consisting of Justice Mukta Gupta. 

The parties were told to give written submissions by November 23, 2029.

Since Amazon took FRL into an emergency arbitration over alleged breach of contract, a battle is going on between The Future Group and Amazon.

The SIAC had passed an interim order on October 25, in favour of Amazon barring FRL from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.

Subsequently, Amazon wrote to SEBI, stock exchanges and Competition Commission of India to take into consideration the Singapore arbitrator's interim decision as it is a binding order.

An ad-interim injunction was also asked for against Amazon from writing to SEBI, CCI and other authorities to consider the emergency arbitrator's interim order by the FRL.

The plea was opposed by Amazon. Senior Advocate Gopal Subramanium represented Amazon said that under the SIAC rules emergency award is binding on the parties subject to a challenge.

He also said that until the parties get it set aside, it is like an order of the court and suppose the order was against me then this order would be with jurisdiction, he… Continue Reading...

Tagged: Amazon  
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