Amazon VS Future: SC sets aside Delhi HC orders, seeks fresh order
New Delhi, Feb 01: The Supreme Court has set aside all previous orders of the Delhi High Court including the refusal to grant a stay on an arbitration tribunal decision which had restrained Future Retail Ltd from going ahead with its merger deal with Reliance Retail.
A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli remanded the pleas of Future group firms relating to arbitral award on merger deal with Reliance Retail back to the Delhi High Court.
"We set aside the impugned orders dated February 2, 2021 and March 18, 2021 and other impugned order dated October 29, 2021. We direct the learned (HC) judge to consider issue and pass an order on its own merits uninfluenced by observations," the bench said in its order.
The CJI said he would request the Chief Justice of the Delhi High Court to set up a bench for speedy disposal of the case.
US e-commerce major Amazon has been opposing the Future group decision to go ahead with the Rs 24,731 crore merger deal of Future Retail Ltd (FRL) with Reliance Retail.
The
US
firm
got
the
Emergency
Award
(EA)
of
the
Singapore
International
Arbitration
Centre
(SIAC)
in
its
favour
which
restrained
Future
group
from
going
ahead
with
the
merger
deal.
The
EA
award
has
been
upheld
in
the
final
arbitral
award
of
October,
2021.
The high court refused to stay the final arbitral award and by another order, it had imposed costs of Rs 20 lakh on the Future Group and others associated with it and ordered attachment of their properties.
with PTI inputs