RIL-Future Deal: Delhi HC Issues Notice Seeking Biyanis’ & Reliance’s Response in Amazon’s Appeal

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The Delhi court on Wednesday issued notice to Kishore Biyani-led Future Retail Ltd (FRL) and Reliance Retail seeking response in Amazon’s plea challenging the prima facie observations by a single judge that the American e-commerce giant’s attempt to control the Indian entity was violative of FEMA and FDI rules. ALSO READ | Future Retail-Amazon Case: Amazon’s Objections No Longer Relevant As SEBI To Give Final Approval To FRL Scheme

A Division Bench of Chief Justice DN Patel and Justice Jyoti Singh heard the plea and the following arguments in the matter today. The bench then listed the case for further hearing on February 12.

Jeff Bezos led, Inc. on Monday urged the Delhi High Court divisional bench to set aside “certain prima facie observations” in the December 21 order of the single bench that allowed Future Group to continue its deal with Reliance Retail under Indian laws, a move that may further delay the Rs. 24,713 crore deal.

The firm has contended that the observations are inconsistent with the findings in the SIAC emergency arbitral (EA) order of October 25, 2020 against FRL’s asset sale under a Rs 24,713 crore deal with Reliance Retail.

In January, 2021, Amazon wrote to Sebi yet again, asking it to suspend the “review of the Impugned Transaction as well as the scheme involving the Impugned Transaction” and not grant any no-objection to the Reliance-Future deal. The e-commerce giant also requested the market regulator to direct the Indian Stock Exchanges not to issue any letter of no objection / approval to Future Group.

ALSO READ | Amazon Moves Delhi HC’s Division Bench Seeking Relief in RIL-Future Deal


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