: Future Group-Amazon dispute: SC stays proceedings before Delhi High Court #IndiaNEWS The Supreme Court on Thursday ordered a stay on proceedings before the Delhi High Court in connection to the legal

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Future Group-Amazon dispute: SC stays proceedings before Delhi High Court #IndiaNEWS
The Supreme Court on Thursday ordered a stay on proceedings before the Delhi High Court in connection to the legal battle between e-commerce giant Amazon and Indian conglomerate Future Group, Bar and Bench reported.The court also said that the Securities and Exchange Board of India, the Competition Commission of India and the National Companies Law Tribunal should not pass orders in the case for four weeks. Amazon has challenged Future’s Group’s Rs 24,713-crore deal with Reliance Retail. Under the agreement, Future Group will sell its wholesale, logistics, retail and warehouse businesses to industrialist Mukesh Ambani’s firm. Amazon argued that according to a separate agreement it signed with a unit of Future Group in 2019, the conglomerate cannot sell its retail assets to a list of companies, including Reliance.In October 2020, a court in Singapore had put the deal on hold. After that, Amazon urged the Securities and Exchanges Board of India, the stock exchanges and the Competition Commission of India not to let the deal go through. Meanwhile, Future Retail approached the Delhi High Court, arguing that Amazon should not interfere with the deal.On March 18, 2021, a single-judge bench of the Delhi High Court had directed the Kishore Biyani-led Future Retail not to take further action on the deal.Justice JR Midha had also ordered the attachment...Read more

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