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SC issues notice to Future Group on plea of Amazon against HC order

SC issues notice to Future Group on plea of Amazon against HC order

The top court added that it would hear the matter on February 23 "without any adjournment."

Supreme Court of India Supreme Court of India

Supreme Court on Wednesday issued notice in a plea by Amazon against Delhi High Court order staying arbitration on Future Retail-Reliance merger deal.

The top court added that it would hear the matter on February 23 "without any adjournment."

Amazon was challenging the HC order which had stayed the further proceedings before the Arbitral Tribunal in Amazon NV Investment Holdings LLC Vs Future Coupons Private Limited, SIAC Arbitration No 960 of 2020.

The apex court on February 3 reserved its order on the plea of Future Retail Ltd (FRL) seeking to go ahead with the merger deal.

Besides this, a consortium of 27 banks had told the Supreme Court that the money lent to FRL belonged to the depositors and to safeguard the “public interest”, the entire assets of FRL can be subjected to open bids by Amazon and Reliance with a reserve price of Rs 17,000 crore.

FRL has filed a separate plea against the consortium seeking a direction that no coercive action be taken against it for a certain time period due to non-payment of debt.

Prior to this, the apex court, in a verdict on February 1, had set aside three Delhi High Court orders including attachment of properties of FRL and its directors and the refusal to grant a stay on the final arbitral award which had restrained FRL from going ahead with its Rs 24,731 crore merger deal with Reliance Retail and had ordered fresh adjudication.

Amazon and the Future group are engaged in the legal battle for over a year as the US major is opposing the merger of FRL with Reliance Retail.

(With inputs from Aneesha Mathur)