“They are taking steps every day…we are anxious that some protective orders are passed. We are requesting for some interim orders,” senior counsel Gopal Subramanium and Amit Sibal, appearing for Amazon, urged the HC.
Amazon had a deal with FCPL and had signed a tripartite agreement with Biyanis. The Delhi High Court on Friday refused to give any “protective” order to Amazon by way of restraining Future Retail from proceeding with the Rs 24,713 crore-deal to sell its retail assets to Reliance Industries.
“They are taking steps every day…we are anxious that some protective orders are passed. We are requesting for some interim orders,” senior counsel Gopal Subramanium and Amit Sibal, appearing for Amazon, urged the HC.
However, Justice JR Midha refused to entertain the request, saying “we’re hearing the matter. The court has to form a view… Conclude the hearing and let me form a view… I’ve to be clear on the facts”. The judge also issued formal notice to FRL, Future Coupons, Future Coupons Resources and Akar Estate and Finance, Kishore Biyani and other family members and directors of these group companies on the Amazon’s petition seeking enforcement of the SIAC Emergency Arbitrator’s Award restraining the Future Group from going ahead with its deal with Reliance Retail. The e-commerce firm has alleged “deliberate and wilful breach and violation” of the EA’s award by the Future group and has sought detention of Biyani and other directors in civil prison for violating the interim award that stalled the Future group’s deal.
Senior counsel Harish Salve, appearing for Future Retail, said, “Amazon had a deal with FCPL and had signed a tripartite agreement with Biyanis. FCPL is the promoter company of FRL and has its own business of gift and loyalty cards. FRL has no agreement with Amazon. FCPL is a Biyani company. While India opened up FDI, certain sectors were held back. FDI in multi brand retail was not allowed as these giants will put pressure on Indian shops and they will get crushed”.
Explaining the relationship between FRL and FCPL and their businesses, he told the HC that “Amazon in its representation to CCI said it is investing in FCPL to promote its business of gift and loyalty card. There is no agreement between Amazon and FRL, which is the main listed company. Amazon gave Rs 1,430 crore as an investment in FCPL.. FCPL bought shares in FRL”.
The court will resume hearing on Monday.
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