New Delhi: Future Retail And its promoters have filed an appeal before a division bench of the Delhi High Court challenging the order passed on Tuesday, which had dismissed the group’s petitions to quash. Amazon Mediation, The Delhi High Court on Tuesday dismissed his petition. Future Group The companies sought a direction to the arbitration tribunal, to decide on Amazon’s objections against Future Group’s deal with Reliance, to decide on their application to quash the arbitration proceedings before proceeding further.
Future Retail in a regulatory filing said, “The Company has filed an appeal in the Delhi High Court vide Diary No. 20543/2022 dated 05/01/2022 challenging the order dated 04.01.2022 passed by the Single Judge of the High Court of Delhi ”
It said the appeal would be listed before the Chief Justice of the Delhi High Court at 2.15 pm on Wednesday.
In addition, it may also be noted that future coupons Private Limited and other promoters of the company have also filed similar appeals which will be heard together.
The Singapore International Arbitration Center (SIAC) is deciding on Amazon’s objections against Future Group’s Rs 24,713 crore deal. Reliance Retail Ventures Limited, a subsidiary of Reliance Industries Limited.
On Tuesday, a single-member bench of Justice Amit Bansal said it was not for the court to interfere with the timing of arbitration proceedings and that no ground for interference was made out in the present petitions.
He said the tribunal has fixed January 8 as the date of hearing on the termination application after reducing the hearing of expert witnesses to the scheduled four days.
heroine And Future has been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Center (SIAC) in October 2020, arguing that FRL had sold had breached their contract by entering into a deal. Billionaire Mukesh Ambani’s Reliance Retail sold Rs 24,500 crore on the back of a fall in assets.
In December, the Competition Commission of India (CCI) suspended its two-year-old approval for Amazon’s deal to acquire 49 per cent stake in FRL’s promoter Future Coupons Pvt Ltd (FCPL), and also imposed a fine. 202 crore on the e-commerce major.
Amazon has objected to the sell-off plans, accusing Future Group of violating its 2019 investment agreement. Future Coupons was founded in 2008, and is engaged in the business of marketing and distributing gift cards, loyalty cards and other reward programs to corporate customers.
Several issues arising out of the Amazon-Future legal battle are pending before the Supreme Court.
Reliance Retail Ventures – for the second time – had extended the deadline to complete its Rs 24,713 crore deal with Future Group till March 31, 2022 as it is still awaiting regulatory and judicial approval.
Future Retail in a regulatory filing said, “The Company has filed an appeal in the Delhi High Court vide Diary No. 20543/2022 dated 05/01/2022 challenging the order dated 04.01.2022 passed by the Single Judge of the High Court of Delhi ”
It said the appeal would be listed before the Chief Justice of the Delhi High Court at 2.15 pm on Wednesday.
In addition, it may also be noted that future coupons Private Limited and other promoters of the company have also filed similar appeals which will be heard together.
The Singapore International Arbitration Center (SIAC) is deciding on Amazon’s objections against Future Group’s Rs 24,713 crore deal. Reliance Retail Ventures Limited, a subsidiary of Reliance Industries Limited.
On Tuesday, a single-member bench of Justice Amit Bansal said it was not for the court to interfere with the timing of arbitration proceedings and that no ground for interference was made out in the present petitions.
He said the tribunal has fixed January 8 as the date of hearing on the termination application after reducing the hearing of expert witnesses to the scheduled four days.
heroine And Future has been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Center (SIAC) in October 2020, arguing that FRL had sold had breached their contract by entering into a deal. Billionaire Mukesh Ambani’s Reliance Retail sold Rs 24,500 crore on the back of a fall in assets.
In December, the Competition Commission of India (CCI) suspended its two-year-old approval for Amazon’s deal to acquire 49 per cent stake in FRL’s promoter Future Coupons Pvt Ltd (FCPL), and also imposed a fine. 202 crore on the e-commerce major.
Amazon has objected to the sell-off plans, accusing Future Group of violating its 2019 investment agreement. Future Coupons was founded in 2008, and is engaged in the business of marketing and distributing gift cards, loyalty cards and other reward programs to corporate customers.
Several issues arising out of the Amazon-Future legal battle are pending before the Supreme Court.
Reliance Retail Ventures – for the second time – had extended the deadline to complete its Rs 24,713 crore deal with Future Group till March 31, 2022 as it is still awaiting regulatory and judicial approval.
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