LI NETWORK
The Delhi High Court has pronounced its verdict in the plea filed by Future Group Ltd. on barring Amazon from interfering in the Reliance-Future Group deal.
The Delhi High Court has refused to restrain Amazon from writing to statutory authorities.
Justice Mukta Gupta opined that the statutory authorities are free to form their own views within their jurisdiction.
The order came after the Future Group had appealed against the SIAC’s (Singapore International Arbitration Centre’s) order that had restrained Kishore Biyani’s company to go ahead with the transaction deal with Reliance Retail.
In August, the Future Group had announced to sell its retail and wholesale business for Rs 24,713 crore to Reliance Retail.
Further, it had also announced the merger of companies – Future Retail, Future Consumer, Future Lifestyle Fashions, Future Market Networks, and Future Supply Chains into FEL.
Global retail giant Amazon had sent a legal notice to promoters of
Future Group for breach of contract concerning the deal.
Amazon alleged Future Group for not meeting its Right of First Refusal contractual obligations, which the former got when it bought a 49% stake in Future Coupons.
Amazon alleged in the said legal notice that, it was denied the Right of First Refusal (RoFL) in Future Group’s deal with Mukesh Ambani’s Reliance Industries Ltd.
Senior Advocate Abhishek Manu Singhvi had appeared for Reliance.
Senior Advocate Harish Salve and Darius Khambata represented Future Group.
Senior Advocates Amit Sibal, Rajiv Nayar, Gopal Subramanium, and Gourab Banerji had appeared for Amazon.
