Today, the Supreme Court asked the Future Group to not pursue this matter. Amazon’s opposition to the Future-Reliance deal – at any other forum till it hears the case.
The Supreme Court is ready to hear the Future Group’s plea against the Delhi High Court’s refusal. Refusal to stay a Singapore tribunal order that froze the ₹ 24,731 crore transaction with Reliance Retail.
The top court will hear this matter on November 23. Significantly, the court also asked the Future Group to not pursue this matter at any other forum. Until CCI hears the case.
The Future Group plea got CCI permission to hold meetings with shareholders of company to get approval for the deal with Reliance Retail.
Supreme Court stands at Amazon future retail
The court has also agreed to hear a plea by e-commerce giant Amazon. Which is seeking to block the Future-Reliance deal. That seeks to restrain Indian regulators from granting necessary clearances.
Amazon has said the proposed Future-Reliance merger violates a ‘no-compete’ deal between itself and the Future Group. A notice has been issued by the court in this context.
If Kishore Biyani’s future group lose the case against Amazon
if Future group loses its legal battle to Amazon Kishore Biyani’s Future Group able to survive on its own albeit at a reduced scale. With the help of banks and lenders if it loses its legal battle to Amazon, an independent director on the board of Future Retail (FRL) has said.
CAIT urges supreme Court to cancel approval to Amazon for Future Coupons deal. CAIT official said “Considering the urgency of the matter and the attached public interest and public good, we request you to take immediate action of declaring that the approval granted to Amazon stands revoked and respond to our letter at the earliest,” CAIT stated.