STOCK MARKET UPDATE

Ticker

6/recent/ticker-posts

SC adjourns Amazon-Future-Reliance case till July 20 in view of hearing before Singapore Arbitration Tribunal

 SUPREME COURT 10.png

On Thursday, the Apex Court adjourned for July 20 the Amazon-Future-Reliance case in view of the final hearing before the Singapore Arbitration Tribunal next week.

A Bench headed by Justice Rohinton F Nariman adjourned the matter after Senior Lawyer Harish Salve appearing for Future Retail submitted that the Singapore Arbitration Tribunal is hearing the application from Tuesday & requested for the matter to be heard next week.

Earlier, the Bench had stayed further proceedings before the Single Judge & Division Bench of Delhi High Court in the Amazon-Future-Reliance case.

The Supreme Court was hearing an appeal of e-commerce giant Amazon challenging the Delhi HC's decision to stay an order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its Rs 24,731 crore assets sale deal with Reliance Retail.

On March 22, a Division Bench of High Court Chief Justice DN Patel & Justice Jasmeet Singh had stayed a March 18 order of Justice JR Midha ordering attachment of the assets of Future Coupons Private Limited (FCPL), FRL, Kishore Biyani & 10 others promoters.

Amazon has been seeking enforcement of an order of the emergency arbitrator (EA) at the Singapore International Arbitration Centre (SIAC) restraining FRL from taking any steps to transfer its retail assets.

Amazon has 49% stake in FCPL, which in turn owns 9.82% stake in FRL. Amazon's contention is that it has invested Rs.1431 crore in FCPL on the clear understanding that FRL would be the sole vehicle for its retail business & its retail assets would not be alienated without consent & never to a 'Restricted Person'.

FRL, on the other hand, has objected to the enforcement of the EA award saying that it is not an order under Section 17(1) of the Arbitration & Conciliation Act & hence not enforceable in India.

 

FRL has contended that the Rs 24,731 crore deal was very important to save its 25,000 employees. It had said that as per the deal, Reliance will not only take over FRL's shops but also all its liabilities.

Source Link

 

Social media is bold. 

Social media is young.

Social media raises questions.

 Social media is not satisfied with an answer.

Social media looks at the big picture.

 Social media is interested in every detail.

social media is curious.

 Social media is free.

Social media is irreplaceable.

But never irrelevant.

Social media is you.

(With input from news agency language)

 If you like this story, share it with a friend!  

We are a non-profit organization. Help us financially to keep our journalism free from government and corporate pressure.

Post a Comment

0 Comments

Custom Real-Time Chart Widget

'; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = '//' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })();

market stocks NSC