Mumbai US e-commerce giant Amazon.com Inc has moved an interim application in the Supreme Court to stay the meeting of shareholders and creditors of Future Retail Limited (FRL) to approve the deal with the retail arm of Reliance Industries Limited (RIL). has been filed. Which was approved by the Company Court.
On September 28, the Mumbai Bench of the National Company Law Tribunal (NCLT) allowed Kishore Biyani-led Future Group companies to hold a meeting of their shareholders and creditors to seek approval to sell assets to Reliance Retail Ventures Ltd.
In a stock exchange filing on Thursday, FRL said that Amazon, in its appeal, has asked the apex court to pass an order setting aside the September 28 order passed by the Mumbai NCLT bench.
The stock exchange filing said that Amazon has sought a stay on the operation of the NCLT order and the operation of the notice of 11 October 2021 meetings issued by the FRL.
On August 29 last year, debt-ridden Future Group had announced to sell its retail and wholesale assets to RIL’s subsidiaries. ₹24,713 crore, prompting Amazon to approach the Singapore International Arbitration Center (SIAC), on the grounds that its investment agreement with Future Coupons Pvt. Ltd., a trading firm, prevents FRL from selling its assets to RIL. A SIAC emergency order blocked the sale, triggering a legal battle in India between Amazon and Future over the order’s enforceability. Since then, the Singapore Tribunal has heard both sides, and a final order is expected in the next two weeks.
In August, the Supreme Court upheld a Singapore emergency arbitrator’s order that had stayed Mukesh Ambani-led RIL’s acquisition of Future Group assets.
The Supreme Court Bench of Justices Rohinton Fali Nariman and BR Gavai ruled that the order dated 25 October 2020 by SIAC is enforceable under Section 17(2) of the Arbitration Act of India.
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