New Delhi: Future Retail A special leave petition is expected to be filed and appealed against Justice Midha’s order in the Supreme Court to seek appropriate relief to pursue its proposed deal with Reliance Retail.
In March, a single-judge judge of the Delhi High Court, headed by Justice Midha, held that the interim award of emergency arbitrator (Singapore International Arbitration Center: SIAC) in India needed to be complied with. It had put on hold the proposed deal between Future Group and Reliance Retail worth Rs 24,700 crore.
A Future Group spokesperson said: “Future Retail is advised that it has the remedies available in law, which it will use.” “Future Retail intends to explore all available avenues to conclude the deal to protect the interests of its stakeholders and workforce.”
A person familiar with the developments said, “Future Retail has the option of filing a special leave petition before the SC against the HC order or a review petition in the same SC bench.” “The interesting thing to understand is what is Amazon’s game plan given the current Indian FDI regulations. Amazon needs to answer this question on its future plans with FRL,” he added.
However, Amazon is awaiting the decision of the emergency arbitrator, which is expected within a few weeks. SIAC had set up a tribunal to investigate Amazon’s allegations that Future Group did not maintain its contractual obligations by engaging with Reliance Retail for the deal. Prior to the deal, Amazon had bought a 49% stake in Future Coupons, a unit of Future Group, for Rs 1,500 crore. Future Coupons holds about 7% in Future Retail which gives Amazon a direct stake of about 3.5% in Future Retail.
In March, a single-judge judge of the Delhi High Court, headed by Justice Midha, held that the interim award of emergency arbitrator (Singapore International Arbitration Center: SIAC) in India needed to be complied with. It had put on hold the proposed deal between Future Group and Reliance Retail worth Rs 24,700 crore.
A Future Group spokesperson said: “Future Retail is advised that it has the remedies available in law, which it will use.” “Future Retail intends to explore all available avenues to conclude the deal to protect the interests of its stakeholders and workforce.”
A person familiar with the developments said, “Future Retail has the option of filing a special leave petition before the SC against the HC order or a review petition in the same SC bench.” “The interesting thing to understand is what is Amazon’s game plan given the current Indian FDI regulations. Amazon needs to answer this question on its future plans with FRL,” he added.
However, Amazon is awaiting the decision of the emergency arbitrator, which is expected within a few weeks. SIAC had set up a tribunal to investigate Amazon’s allegations that Future Group did not maintain its contractual obligations by engaging with Reliance Retail for the deal. Prior to the deal, Amazon had bought a 49% stake in Future Coupons, a unit of Future Group, for Rs 1,500 crore. Future Coupons holds about 7% in Future Retail which gives Amazon a direct stake of about 3.5% in Future Retail.
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