The two players have said that they will go ahead with the regulatory process despite Amazon's objections
Future Retail which was represented by senior advocate Harish Salve told the court Future Retail does not need to seek permission from Amazon for any investments as it does not have any rights
The US firm claims that its contract with the unlisted Future Copouns Ltd (FCL) barred a transaction with a number of persons and companies, including Ambani and Reliance.
Future Retail admitted in a statement that the Covid-19 pandemic had impacted its business significantly
All that happened in the markets today.
Future Retail's revenue from operations was down 73.86% at Rs1,424.21 crore during the quarter
Amazon is willing to 'sink the ship' but doesn't want Reliance to acquire Future's assets, says one analyst.
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It remains to be seen whether Indian courts and regulators will side with Amazon or Future Retail
The case deals with Future Retail's suit against Amazon in a matter related to the interim order passed by an Emergency Arbitrator in Singapore.
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The Future group firm has contended that Amazon is "misusing" the interim order passed by an emergency arbitrator of the Singapore International Arbitration Centre (SIAC) on October 25, 2020.
Corporate lawyers say Indian courts usually go along with orders given by foreign arbitration courts as witnessed in several cases before
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Anticipating a move by Amazon, which had got an interim arbitration award in its favour, putting the announced deal on hold, the Future Group firm has moved the Delhi High Court
Statement comes after Amazon wrote to Sebi and stock exchanges last week on Singapore arbitrator's stay order
Last Sunday, the SIAC passing an interim award in favour of Amazon had asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter.
Amazon said Future's news release and stock exchange disclosures violated Indian regulations, urging the regulator to investigate the matter
According to the sources, Future group has been told not to proceed with its sale of shares to RIL till the outcome of the arbitration process