Lawstreet Journal

Delhi HC Directs Status Quo to Be Maintained on Reliance-FRL Stake Sale Deal in Amazon's Plea for Interim Injunction

Lawstreet Journal 3 Feb 2021 10:35pm

Image courtesy: Lawstreet Journal Judiciary Delhi HC Directs Status Quo to Be Maintained on Reliance-FRL Stake Sale Deal in Amazon's Plea for Interim Injunction

The Delhi High Court had earlier issued a notice on Amazon's plea seeking interim injunction against Future Retail Ltd. (FRL) and Reliance Industries Ltd's deal worth nearly Rs. 25,000 crores  which was approved by a Board Resolution of FRL last year. 

The Delhi High Court today granted interim relief to Amazon directing all authorities and parties to maintain status quo on the deal until a detailed interim order on the case is made.

The Court was hearing a plea by Amazon Inc. against Future Retail Ltd. (FRL) and Reliance Industries' retail stake sale deal worth Rs. 25,000 crores. 

Gopal Subramanium appearing on behalf of Amazon submitted that FRL could not unilaterally declare an otherwise valid award as a nullity qua itself, whereas for all other parties to the Arbitration agreement, the award was still valid and binding.

Senior Advocate Gopal Subramanium, Pathak and Associates, AZB and Advocates Pawan Bhushan Hima Lawrence Ujwala Uppaluri appeared for Amazon.

The bench of Justice Midha lastly directed the parties to submit a note on their factual positions and legal propositions.

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Tagged: Reliance Industries   Reliance Industries Limited   Reliance Industry  
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