The Supreme Court on Monday sought an answer from Future Retail Limited (FRL) and others on Amazon’s petition.
The Supreme Court on Monday sought an answer from Future Retail Limited (FRL) and others on Amazon’s petition. Amazon’s petition is against the Delhi High Court’s direction to maintain the status quo on the Future-Reliance deal. The apex court said that proceedings will continue in front of the National Company Law Tribunal (NCLT) but it will not give any final order on the integration of the FRL with Reliance. Justices RF Nariman and BR Gawai have issued notices to the FRL, Chairperson Kishore Biyani and others and sought their replies.
Appeal will be heard after five weeks
The bench said that the reply has to be filed in three weeks and the rejoinder is to be filed after two weeks. It further states that the hearing of the appeal has been listed for five weeks later. On 8 February, the Delhi High Court had stayed the direction of one of its judges. The FRL and the statutory authorities were directed to maintain the status quo in relation to the Rs 24,713 crore deal with Reliance Retail. The interim directive was on an appeal challenging the FRL’s February 2 order.
The High Court bench also rejected Amazon’s plea asking it to stay suspended for a week, so that it could find suitable solutions.
What is the matter?
On 29 August 2020, Future Group announced that it would sell its retail and wholesale business to Reliance Retail, which is owned by the group RIL. The deal is worth Rs 24,713 crore. In October 2020, Amazon moved Future Group to the Singapore International Arbitration Center (SIAC), where it said Future Group had violated the contract by dealing with rival Reliance.