The deal between Future Group and Reliance Industries is in crisis. The US e-commerce company Amazon has objected to the deal. The market regulator SEBI and the stock markets (BSE and NSE) have appealed to take into account the interim decision of the Singapore arbitration court in the deal. In the interim order, the arbitration court has banned the Rs 24,713 crore deal between Future Group and Mukesh Ambani-led Reliance Industries.
According to sources, Amazon has shared a copy of the interim order with the Indian Securities and Exchange Market (SEBI), BSE, and the National Stock Exchange (NSE). The Future Group-RIL deal is dependent on the permission of various regulatory authorities. This includes SEBI and Competition Commission of India (CCI). However, the Bombay Stock Exchange (BSE) will consult with the capital markets regulator Securities and Exchange Board on this request from Amazon. BSE has formulated a strategy to consult SEBI regarding the deal as well as seek clarification from both Future Group and Reliance.
Last year, Amazon bought a 49% stake in a company called Future Coupons Limited. Future Coupons has a 7.3% stake in Future Retail. Amazon says that this investment was done on the condition of the contract that the Future Group would talk to them before a sale and deal with anyone on their refusal, similarly the two have an agreement not to compete.
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