Competition Commission of India affirmed Reliance-Future Group deal.
Yesterday, a single bench of Justice Mukta Gupta of the Delhi High Court has reserved its order on the application for ad-interim relief sought by Future Retail (FRL) to restrain Amazon from interfering in its performance of the lawful contract with Reliance.
In the meantime, the Competition Commission of India (CCI) has granted the acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited.
This move comes amid the objections move up by US-giant Amazon, which has invested in one of the Future group’s holding companies.
Recently, Amazon has secured an injunction from an Emergency Arbitrator of the Singapore International Arbitration Centre against the enforcement of Reliance-Future group deal.
An Emergency Arbitrator of the Singapore International Arbitration Centre has passed an interim award in favour of Amazon, Injucting Future Group from taking any steps in furtherance of the Board Resolution of August 29, 2020, with respect to the transaction with Reliance Industries or its group entities. Further, it has also been injuncted from filing or pursuing any application before any Body or Agency in India with respect to the said Board Resolution.
Future Retail has confronted the interim award passed by the Emergency Arbitrator of the Singapore International Arbitration Centre in the Delhi High Court.
Future Retail has submitted in the Delhi High Court that Amazon was not its shareholder moreover has no say in its affairs and the interim order passed by the Singapore International Arbitration Centre (SIAC) was of no value.
On the other hand, Amazon, has argued that the “ship of arbitration has sailed” in the present case and therefore, the present suit was not maintainable. It further contented that the Emergency Award is binding on all parties as it was duly recognized under Part I of the Arbitration Act.
[ Competition Commission of India affirmed Reliance-Future Group deal ]