The Delhi High Court on Monday gave its verdict against Future Retail Ltd interim injunction plea to restraint Amazon from writing to SEBI, CCI and other authorities about the arbitral order against its asset sale.
Jeff Bezos led Amazon had entered a pact with Kishore Biyani's Future Retail in 2019 preventing the Indian company from selling its retail assets to certain parties.
However, on August 29, 2020, Future group dug up a Rs 24,713 crore deal announcing sale of its retail and wholesale business to Reliance Retail. It also announced plans to merge key group companies including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL.
Earlier, after a Singapore-based single judge arbitration panel put the RIL and Future Group transaction on hold, Amazon had won an interim award against the sale. In response, the Future Group filed a plea to restrict Amazon from interfering in its deal with RIL based on the SIAC interim order.
Meanwhile, Competition Commission of India had given its approval for the Future-Reliance deal but now, the Delhi HC has rejected Future's plea causing more troubles for the group. Future had even reported a consolidated net loss during the past quarter this year, due to lower revenue from operations.
