Future-Reliance Deal: SC stays Delhi HC verdict, know the whole case
Future-Reliance Deal: SC stays Delhi HC verdict, know the whole case
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New Delhi: The Supreme Court today stayed for four weeks all action in the Delhi High Court on implementing Singapore's emergency mediator's decision to prevent Future Retail Limited (FRL) from proceeding with reliance retail on a merger deal. A bench headed by Chief Justice NV Ramana in a unanimous order also directed statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and Market Regulator SEBI not to pass any final order on the merger deal for the next four weeks.

The bench considered the arguments of senior advocates Harish Salve and Mukul Rohatgi appearing for FRL and Future Coupon Pvt Ltd (FCPL) that the arbitrator has reserved the final verdict in the case after hearing both sides. Senior advocate Gopal Subramaniam, on behalf of US e-commerce giant Amazon, which challenged the merger, said it was not interested in any punitive action against FRL, FCPL, and their directors and agreed with the Delhi high court order staying the proceedings.

The FRL and FCPL had moved the Supreme Court against the August 17 Delhi High Court order. The Delhi High Court in its order had said that it would implement the previous order of its single judge preventing FRL from proceeding with the deal as per the order of the emergency arbitrator. The high court had also ordered attachment of properties. Amazon dragged Future Group to mediate at the Singapore International Arbitration Centre (SIAC) in October last year and argued that FRL had violated their contract by dealing with its rival Reliance.

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