Future Group-Reliance’s stake sale deal continues?
Amazon has filed an injunction against Future Retail Ltd when it turned to the National Company Law Tribunal to mine the Future Group’s and Reliance’s assets. Amazon invested Rs. 1,400 crores in the Future Group in 2019.
Amazon has sent several letters to the authorities to alert them to the sale of the shares, but has received no remedy.
In response, Future Retail Ltd. Filed an injunction at the Delhi Supreme Court in December 2020 to prevent Amazon from issuing these letters.
Although the court ruled that the Future Retail Ltd. At first glance, the injunction was not granted.
In its injunction before the Delhi Supreme Court, Amazon pleads for the implementation of the order issued by the Singapore International Arbitration Center to suspend said Rs. 24,000 / – share sale.
The attorney appearing for Amazon asserted that the parties were obliged to comply with the order, as the respondents raised no objections or took no action against the order issued by the emergency arbitrator.
It was also alleged that the letters Future Retail Ltd sent to authorities such as SEBI and CCI requesting non-compliance with the award were of no value.
Section 17 (2) of the Arbitration and Conciliation Act expressly provides that interim injunctions are to be viewed as court orders and neither party can unilaterally declare them null and void.
The e-commerce giant also prayed for an injunction against the respondents to prevent them from selling the retail assets and called for damages.
In addition, they petitioned for the civil detention of the Future Group’s directors and sponsors.