: Amazon wins case in Supreme Court against Reliance-Future Retail merger deal #IndiaNEWS The Supreme Court on Friday ruled in favour of e-commerce giant Amazon in its legal battle against the proposed

@newsMNC

Posted in: #IndiaNEWS

Amazon wins case in Supreme Court against Reliance-Future Retail merger deal #IndiaNEWS
The Supreme Court on Friday ruled in favour of e-commerce giant Amazon in its legal battle against the proposed Rs 24,713-crore merger deal between Future Retail Limited and Reliance Retail, Live Law reported.One of the main questions raised in the case was about the validity and enforceability of a Singapore-based single-judge arbitration panel’s decision to restrain Future Retail Limited from going ahead with its deal with Reliance Retail, under the Indian laws.Justice RF Nariman said that the Emergency Arbitrator’s decision could be enforced in India. “Emergency arbitrator’s award holds good under Section 17(1) of the Arbitration and Conciliation Act and single judge’s order for such award cannot be appealed under Section 37(2),� he added.The court noted that the Act confers autonomy to parties to arbitration proceedings to decide disputes in accordance with institutional rules, including through emergency arbitrators passing interim orders. “Such orders are an important step in aid of decongesting the civil courts and affording expeditious interim relief to the parties,� the judgement noted.The verdict took a toll on the Reliance Industries stock. The conglomerate’s shares closed at Rs 2,089.05 apiece, down 2.07%.Various stocks of the Future Group fell too after the apex court’s judgement. At the end of the day’s trading, shares of Future Consumer, Future Lifestyle, Future Enterprises, Future...Read more

Latest stock market news Twitter alternate of India

Flash it Bury this

0 Reactions   React

Replies (0)

Login to post a comment!