The Delhi High court will start hearing on February 24 the ongoing legal tussle between Amazon and Future Group over the proposed sale of latter’s retail assets to Reliance Retail for Rs 24,713 crore.
Justice C Hari Shankar on Friday laid out a roadmap for resolving all the cases arising out of the August 2020 deal. He said that the court will first start with the Future Group’s appeal against the Singapore International Arbitration Centre’s restraint order and then proceed with other cases.
This comes after the Supreme Court on February 1 set aside the Delhi high court’s three interim orders that had restrained Future Retail from going ahead with its merger deal till it decided the Singapore arbitration proceedings initiated by Amazon in 2020. The apex court had remanded the matter back to the HC.
The spat between Future Group and Amazon has been on since October 25, 2020 when the Singapore’s EA passed an interim order restraining FRL from going ahead with its deal with Reliance Retail. The two sides have been embroiled in a legal battle over Future Retail’s move to sell its retail assets to Reliance Retail for Rs 24,500 crore. Amazon, which had acquired an indirect minority stake in Future Group in 2019 for Rs 1,400 crore, has alleged that Future’s sale of its retail, wholesale, logistics and warehousing businesses to Reliance Retail breached its pre-existing contract, which included a right of the first offer and a non-compete clause.
Financial Express is now on Telegram. 
