Future-Reliance deal: Delhi HC refuses to restrict Amazon from approaching regulators

The Delhi High Court has given a major setback to the deal between Mukesh Ambani’s Reliance and Future Group. In fact, the Delhi High Court has dismissed a petition by Kishore Biyani-led Future Retail Limited (FRL). The petition appealed to Amazon to refuse to write to the SEBI, CCI about the decision of the Singapore court. Dismissing this appeal, Justice Mukta Gupta has ruled in favor of Amazon.

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The petition claimed that Amazon is writing to the authorities about the decision of the Singapore International Tribunal on the Reliance-Future deal worth Rs 24,713 crore. Let you know here that the Singapore International Tribunal Center (SIAC) in its order dated October 25 The verdict was given in favor of Amazon.

Simultaneously, Future Retail Limited and Reliance had questioned the deal. However, the deal was approved by the Competition Commission (CCI). The case relates to the acquisition of 49 percent stake in Future Group company Future Coupons Ltd by Amazon in August last year and the right to purchase the first stake in the group’s flagship company Future Retail.

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Future Coupons also has a stake in Future Retail. Controversy arose when Future Group entered into an agreement to sell its retail, warehousing and logistics business to Reliance Industries for around Rs 24,000 crore. Now this deal of Reliance Industries is stuck.