Nishka Srinivas Veluvali
Published On: February 01, 2022 at 18:45 IST
The Supreme Court provided great relief to the Future group by setting aside the Delhi High Court Orders which consisted heavy remarks against the Future Group.
The Bench led by the Chief Justice of India NV Ramana was considering a batch of Pleas filed by the Future Group Companies with regard to the enforcement of the award passed by the Emergency Arbitrator under the Singapore International Arbitration Centre’s rules which prevented the Future Group from proceeding with their Rs. 25,000 crore Asset sale.
The Future – Group has challenged the Orders passed by the Delhi High Court that Ordered for the enforcement of this emergency Award, made unfavourable remarks against the promoters Future – Group and directed to take coercive steps against the key members of the Group.
The Supreme Court today, set aside the mentioned Order and directed the High Court to focus on the Case with a new consideration on merits.
The Legal war between Amazon and Future Group sparked in the year 2020 when Amazon called upon Arbitration after the Future Group announced their Asset sale deal with Reliance Industries Ltd’s owned subsidiary, Reliance Retail.
Amazon asserted that its agreement with Future Couple averted the Future Group too from coming into any deals with specific entities including the Mukesh Ambani owned Group.
However, the Future Group refuted that they were never bound by the deal between Amazon and Future Retail’s promotor firm.
The Asset sale deal between Future and Reliance is been stuck by an emergency Arbitrator since October 2020 and the rationality of the same was averred by the Supreme Court in August 2021.
The Future Group has moved CCI alleging the Amazon for withholding pertinent details leading to the CCI Order of December which now has been put a stay Order on the Arbitration proceedings awarded by the Delhi High Court.
