New Delhi: Reliance had tied up with Big Bazaar company Future Retail Limited (FRL) to acquire Big Bazaar, but Amazon had filed a petition in the apex court against the deal. The Supreme Court has completed its hearing in the case and reserved the verdict. In fact, reliance retail has a deal worth Rs 24,713 crores for the merger of Future Retail Limited (FRL). But earlier a deal was finalized with Amazon to sell to a subsidiary of Future Retail.
It was on this basis that U.S. giant e-commerce Amazon.com placed the case in the Emergency Arbitration (EA) LLC NV Investment Holdings. Amazon has told the court that Singapore's decision to prevent FRL from a merger deal with Reliance Retail is valid and should be implemented. Senior advocate Harish Salve on behalf of FRL and senior advocate Gopal Subramaniam on behalf of Amazon made their arguments in the case, after which a bench of Justices RF Nariman and BR Gavai said, "So now we close the case(hearing). The decision is reserved.'' Referring to the validity of the award's decision and decisions to be eligible for its implementation, Salve said there is no provision for emergency arbitration under Indian law on arbitration and conciliation and in no case has an arbitration agreement to this effect.
At the same time, Salve referred to a single Delhi High Court judge's order legalizing the emergency arbitration verdict, saying there was no provision for EA under Indian law. Gopal Subramaniam, on behalf of Amazon, said the future group's Biyani family had discussed with him to make some compromises and was forced to accept EA's decision to stop FRL from moving ahead with the merger deal with Reliance Retail. He reiterated that the EA decision should be implemented.
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