The Supreme Court will hear a petition against e-commerce giant Amazon against the decision of Delhi High Court. Amazon has appealed against an order of the Delhi High Court to stay the deal between Kishore Biyani-led Future Retail Limited (FRL) and Mukesh Dhirubhai Ambani for Rs 13 24,713 crore. A bench of Justices F Nariman and BR Gavai will hear a petition filed by Amazon to restore the status quo on the FRL-Reliance deal.
Also read: Future claims- Amazon sought compensation of $ 40 million on the agreement with Reliance, Amazon denied
Please tell in the petition of Amazon, “No provision of appeal is against the order passed under Section 17 (2) of the Arbitration and Conciliation Act. Respondents (FRLs) have not challenged the EA order themselves, but prefer to challenge the order of the single judge enforcing the EA order. “Amazon also stated that the status quo order of the single judge was passed for the limited purpose of preserving the rights of the parties till the final orders and the Division Bench should not have issued its order in” haste “.
Explain that the Delhi High Court had stayed the order of a single judge in connection with the business acquisition deal worth Rs 24,713 crore between Future Retail Limited (FRL) and Reliance Retail. The bench said that statutory bodies such as the National Company Law Tribunal, Competition Commission of India (CCI) and market regulator SEBI cannot be barred from proceeding as per law in relation to the deal.
The bench also issued notice to Amazon and sought its favor on the FRL’s appeal by 26 February. After this, the case will be heard daily. Amazon had filed an appeal before a single judge bench of the High Court to implement the interim order of the Emergency Arbitration Tribunal of Singapore on the deal. The tribunal had given an interim order for Future Retail to stop its Rs 24,713 crore deal with Reliance Retail.