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New Delhi: The Supreme Court on Thursday stayed for four weeks all proceedings before the Delhi High Court by the Emergency Arbitrator (EA) of Singapore restraining Future Retail Ltd (FRL) from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. Put it
A bench headed by Chief Justice NV Ramana also directed statutory authorities such as the National Company Law Tribunal (NCLT), Competition Commission of India (CCI) and markets regulator SEBI not to pass any final orders regarding the merger deal, in a concurrence order. for the next four weeks.
It considered the submissions of senior advocates Harish Salve and Mukul Rohatgi, appearing for FRL and Future Coupons Pvt Ltd (FCPL) that the arbitrator has reserved the final decision in the matter after hearing both the sides.
Senior advocate Gopal Subramaniam, appearing for US-based e-commerce company Amazon challenging the merger, said it is not interested in any punitive action against FRL, FCPL and their directors. Delhi High Court.
FRL and the FCPL have moved the apex court against the Delhi High Court order of August 17, which held that it was in pursuance of the EA’s award, before its single-judge restraint, restraining FRL from proceeding with the deal. will enforce the order.
The High Court had also ordered attachment of the properties.
Amazon dragged Future Group to arbitration at the Singapore International Arbitration Center (SIAC) in October last year, arguing that FRL had breached their contract by making a deal with rival Reliance.
On 6 August, the Supreme Court ruled in Amazon’s favor and held that Singapore EA’s award, stalling the Rs 24,731 crore FRL-Reliance Retail merger deal, is valid and enforceable under Indian arbitration laws.
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