Future-Reliance deal: Amazon moves SC against HC division bench order lifting stay

By: |
April 8, 2021 4:00 AM

The division bench stayed all these directions till April 30, the next date of hearing.

Subsequently, Amazon had appealed against that order before the Supreme Court.Subsequently, Amazon had appealed against that order before the Supreme Court.

Amazon on Wednesday moved the Supreme Court against the Delhi High Court division bench’s March 22 order that lifted the stay given by a single-judge bench on the Rs 24,713-crore deal Future Retail-Reliance Retail deal.

The single judge order, which was stayed by the division bench, had held Future group chairman Kishore Biyani and others guilty of going ahead with the deal and issued a show cause notice to him and other directors. The single judge had on March 21 also directed Future to approach regulatory authorities to recall all approvals granted to the deal and deposit Rs 20 lakh for violating the Singapore emergency arbitrator’s interim stay order dated October 25, 2020. The judge had also asked for attaching of Biyani’s assets and that of other directors, and asked them to appear before it on April 28.

The division bench stayed all these directions till April 30, the next date of hearing.

Earlier on February 8, the division bench stayed the single judge’s February 2 order restraining Future from seeking clearance for the deal and allowed it to go ahead. Subsequently, Amazon had appealed against that order before the Supreme Court. On February 22, though the SC allowed the proceedings for seeking clearances to continue before the National Company Law Tribunal’s Mumbai bench, it barred the tribunal from passing a final order till the matter is disposed by it.

The SC will next hear the case on April 27.

The Future Group-Amazon fight over the deal is currently going on in the SC, before different benches of the Delhi HC, and NCLT, Mumbai bench.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Nvidia flexes its Arm, announces Grace CPU for data centres setting alarm bells ringing for Intel
2March quarter: It’s a $9.2-billion order win for TCS
3Telecom PLI guidelines: DoT will shortlist firms based on competitive investment