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Friday, Sep 30, 2022

Future Retail-Reliance merger: Supreme Court issues notice to Future Group on plea of Amazon

The Supreme Court will hear plea of Amazon against the Delhi High Court order on February 23.

Amazon and the Future Group are engaged in the legal battle for over a year as the e-commerce giant is opposing the merger of Future Retail with its competitor Reliance Retail. (File express photo)

The Supreme Court has issued a notice to Future Group on an appeal of e-commerce giant Amazon against the order of the Delhi High Court on January 5 staying the ongoing arbitration proceedings before an arbitral tribunal over Future Retail’s Rs 24,500-crore merger deal with Reliance Retail.

A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli issued notices to the Future group firms and listed the plea for hearing on February 23.

The Delhi High Court on January 5 had stayed the Amazon-Future arbitration which is going on before a three-member arbitral tribunal over the latter’s Rs 24,500-crore deal with Reliance.

Amazon and the Future Group are engaged in the legal battle for over a year as the e-commerce giant is opposing the merger of Future Retail with its competitor Reliance Retail.

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On January 25, Future Retail moved the Supreme Court seeking protection from being declared a defaulter for failing to pay loan dues of Rs 3,494.56 crore to its 26 lenders.

The company — while making the RBI and 26 banks including SBI, IndusInd, DBS, HDFC, Union Bank of India, as respondents in its petition — told the SC that despite being aware of the impact of Covid-19 pandemic on its business/stores and also the freeze on the sale of its small-format stores due to its ongoing dispute with Amazon, the lenders sent default notices to it last month.

-with PTI inputs

First published on: 09-02-2022 at 11:47:53 am
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