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Friday, September 17, 2021

Future-Reliance Deal: Amazon urges Sebi to comply with SC order on Future-Reliance deal

In January, Sebi had given its go-ahead to Future Group’s scheme of arrangement and sale of assets to Reliance with some riders, based on which the BSE granted its “no adverse observation” report for the Rs 24,713-crore deal.

By: ENS Economic Bureau | New Delhi |
Updated: August 31, 2021 3:02:56 am
AmazonOn March 22, the Delhi High Court stayed a single judge's order restraining Future Retail Ltd (FRL) from going ahead with the deal with Reliance Retail to sell its business, which was objected to by US-based e-commerce giant Amazon.(Reuters/ File/ Representational)

Amazon has written to Sebi requesting the regulator to direct stock exchanges to withdraw the ‘Observation Letters’ that were issued related to the proposed Rs 24,713-crore Future-Reliance deal. The e-commerce company has also urged the Securities and Exchange Board of India (Sebi) to take necessary action to comply with the recent Supreme Court judgment related to the deal.

In its letter dated August 17, Amazon.com NV Investment Holdings LLC noted that the SC had on August 6 held that the order of the Singapore-based Emergency Arbitrator in the case was an ‘order’ referable to and made under Section 17(1) of the Arbitration and Conciliation (A&C) Act.

Thus, the arbitration order can be enforced under the provisions of Section 17(2) of the Act.

In January, Sebi had given its go-ahead to Future Group’s scheme of arrangement and sale of assets to Reliance with some riders, based on which the BSE granted its “no adverse observation” report for the Rs 24,713-crore deal. The BSE, in its observation letter on January 20, said it has “no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company (Future) to file the scheme with Hon’ble National Company Law Tribunal.”

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