Reliance-Future Retail Deal: SC reaches Amazon against Delhi HC order, court stays approval
Reliance-Future Retail Deal: SC reaches Amazon against Delhi HC verdict
New Delhi:
Reliance-Future Retail Deal Cases In the Supreme Court, the Delhi High Court has stayed the proceedings. The apex court has taken this step on the petition of retail giant Amazon. The Supreme Court will hear the matter on May 4. In fact, the Delhi High Court had given permission to pursue the Reliance Future Retail Deal, against which Amazon has turned to the Supreme Court.
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The company’s petition said that the March 22 order of the High Court should be declared as illegal and improper. Amazon has also demanded a stay on the High Court’s order to avoid irreparable harm from the Supreme Court. According to the information given by Future Retail to the stock market, the lawyer of the company got a communication slip on April 13, 2021.
It has been sent by the lawyers of Amazon. According to the slip, Amazon’s lawyers have filed a petition in the Supreme Court, challenging the decision of the Division Bench of the Delhi High Court dated March 22, 2021.
Let us tell you that on March 22, the Division Bench of the Delhi High Court gave a decision to increase the ban imposed by the single judge on the deal of Rs 24,713 crore. In August 2019, Amazon took a 49 percent partnership in Future Coupons, for which Amazon paid Rs 1500 crore. In this deal certain conditions were also laid down, such as that Amazon would have the right to buy the stake of Future Retail Limited after a period of three to 10 years.
The deal was signed in August for Rs 24,713 crore. This deal has already been approved by CCI, SEBI and the stock market.