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SC reserves order on allowing Future to proceed with RIL deal

SC reserves order on allowing Future to proceed with RIL deal

The apex court will hear Amazon's appeal against halt on arbitration case against Future separately on a later day.

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The Supreme Court on Tuesday reserved its order on allowing procedural steps for regulatory approvals to Future Retail - Reliance asset sale deal on a slump sale basis for Rs 24,500 crore.

The apex court will hear Amazon's appeal against halt on arbitration case against Future separately on a later day.

In August 2020, Reliance Retail Ventures, the retail arm of Reliance Industries had said it will acquire the retail and wholesale business, and the logistics and warehousing business of Future Group for Rs 24,713 crore.

However, the deal has been contested by Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail Ltd.

Since then, Amazon and Future have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre (SIAC) in October 2020, arguing that FRL had violated their contract by entering into the deal with RIL.

Amazon is objecting to the sell-off plans, accusing Future Group of breaching its 2019 investment pact. Future Coupons was founded in 2008 and is engaged in the business of marketing and distribution of gift cards, loyalty cards, and other reward programmes to corporate customers.

Earlier this month, the Delhi High Court had halted Future Group's ongoing arbitration proceedings in Singapore with Amazon in light of the Competition Commission of India's (CCI) suspension of a 2019 deal between the two sides.

Meanwhile, several issues arising from the Amazon-Future legal battle are pending before the Supreme Court.

Published on: Jan 11, 2022, 2:21 PM IST
Posted by: Aparna Banerjea, Jan 11, 2022, 2:17 PM IST