The Supreme Court on Thursday told the Future group not to raise its Rs 24,713-crore merger deal with Reliance Retail at any other fora till the apex court finally takes up the matter on November 23.
A bench presided over Chief Justice N V Ramana said the court will hear the cross-appeals filed by both Amazon and the Future group on November 23.
The court also asked the Future group to file its response to Amazon’s plea against the September 28 order of the National Company Law Tribunal, Mumbai, that had initially allowed FRL to convene meetings of its shareholders and creditors for seeking approval to its decision to sell its retail assets to the Mukesh Amabani company.
An appeal filed by Future Retail against the Delhi High Court’s order was listed before the court. The High Court had then refused to stay the Singapore arbitration tribunal's Oct 20 order that denied permission to the Future group to go ahead with its merger deal with Reliance Industries firm.
The bench told the Future group counsel that on September 9 the court had already passed a consent order that regulatory authorities will not approve the deal without prior nod from it.
The court also issued notice to Amazon and Future group on an intervention application filed by IDBI Trusteeship Services seeking a direction to de-freeze Future Retail shares pledged to it.
The fight between Future Group and Amazon has been on since October 25, 2020 when the Singapore's Emergency Arbitrator passed an interim order restraining FRL from going ahead with its deal with Reliance Retail. Amazon, which acquired an indirect minority stake in Future Group in 2019 has alleged that Future's sale of its retail, wholesale, logistics and warehousing businesses to Reliance Retail breached its pre-existing contract, including a right of the first offer and a non-compete clause.
Watch the latest DH Videos here:
(Published 11 November 2021, 16:55 IST)
JOIN US