Amazon acquired 49 per cent stake in Future Coupons which is a promoter group entity of Future Retail. Amazon argues that Future's deal with Reliance Retail is invalid and violation of its 2019 agreement.
The Delhi High Court on Monday stayed a single judge's order restraining Future Retail Ltd from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon.
On February 8, the Delhi High Court had stayed the implementation of status quo ordered by a single-judge bench on the Rs 24,713-crore deal between Future Retail Ltd and Reliance.
SEBI has barred Future Retail CEO Kishore Biyani from the securities market for a period of one year for insider trading.
On Tuesday, a Delhi High Court bench of Justice J R Midha had directed FRL to maintain status quo in relation to its Rs 24,713-crore deal with Reliance Retail that has been objected to by US-based e-commerce giant, Amazon.
Kishore Biyani-led Future Retail Ltd (FRL) on Monday said it is “reviewing” the Delhi High Court order that has rejected its plea to restrain Amazon from writing to regulatory authorities about the SIAC arbitral order against its asset sale under a Rs 24,713 crore deal with Reliance.
Kishore Biyani-led Future Retail on Monday hinted at challenging an arbitration order that put a temporary hold on its Rs 24,713 crore deal to sell assets to Reliance Industries.