The Indian government has challenged in the Singapore High Court an international arbitration tribunal's verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc
Court notes that Future Retail wasn't party to arbitration agreement with Amazon and prima facie "group of companies" doctrine can't be invoked in this case
The court also issued notice to Amazon and sought its stand on FRL's appeal by February 26
This week, the Delhi High Court directed Biyani's flagship company to maintain the status quo on its Rs 24,713-crore deal to sell his business to Reliance
Earlier, Future Retail Limited lawyer had argued that the retail firm may go bust and thousands may lose jobs if the Future-Reliance deal does not go through
The Delhi High Court is hearing the appeal filed by Future Retail Limited (FRL) against the Court's order passed earlier this week
Future Retail Ltd further tumbled 5 per cent on Thursday as investors continued to sell the company's shares for the second consecutive day.
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi High Court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor
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FRL's appeal was mentioned before a Joint Registrar of the high court who allowed it to be listed for hearing on Thursday
Shares of Future Retail on Wednesday declined 5 per cent amid concerns related to the deal with Reliance Retail.
Following the Tuesday directive, FRL had said it would explore legal recourse
Renuka Ramnath-led Multiples Private Equity sold nearly 12 lakh shares of multiplex chain operator PVR worth Rs 179 crore through open market transactions
Ruling seen as interim relief to Amazon; next phase of arbitration likely to begin soon in Singapore, say sources
Amazon, locked in protracted legal disputes with Future, alleges the Indian firm violated contracts by agreeing to sell its retail assets to Reliance Industries last year. Future denies wrongdoing
RIL lost over Rs 1-trillion market capitalisation in the past three trading days
Petition also talks about seizure of assets for violating an arbitration court's order to temporarily halt Future Group's $3.4-bn deal with RIL
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Market regulator had given a go-ahead to Future Group's scheme of arrangement and sale of assets to Reliance for the $3.4 billion deal