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Thursday, September 23, 2021

Future-RIL deal: Supreme Court stays proceedings in Delhi High Court

A Bench headed by Chief Justice of India N V Ramana stayed the proceedings “for the time being” to “balance interest of both the parties”.

By: Express News Service | New Delhi |
September 10, 2021 2:02:19 am
Supreme CourtThe Supreme Court of India.

The Supreme Court on Thursday stayed all proceedings before the Delhi High Court in connection with the dispute between Amazon and Future Retail Limited (FRL) over the latter’s plans to sell its assets to Reliance Industries Ltd.

A Bench headed by Chief Justice of India N V Ramana stayed the proceedings “for the time being” to “balance interest of both the parties”. “Taking into consideration the submissions advanced by the learned senior counsel for the parties and particularly the fact that the parties have approached the Singapore International Arbitration Centre for vacating the Emergency Award passed by the Emergency Arbitrator and the arguments in the said matter have been concluded and the order is going to be pronounced shortly, we think it fit to balance the interest of both the parties by staying all further proceedings before the Delhi High Court for the time being”, ordered the Bench, also comprising Justices Surya Kant and A S Bopanna.

It further directed “all the authorities i.e. NCLT (National Company Law Appellate Tribunal), CCI ( Competition Commission of India) and Sebi (Securities and Exchange Board of India) not to pass any final order for a period of four weeks from today”.

The court was hearing Special Leave Petitions filed by Future Coupons Private Ltd and FRL.

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