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Reliance-Future retail deal: SC reaches Amazon against Delhi HC order, court stays approval

रिलायंस-फ्यूचर रिटेल डील : दिल्ली HC के आदेश के खिलाफ SC पहुंचा Amazon, कोर्ट ने लगाई मंजूरी पर रोक

Reliance-Future retail deal: SC reaches Amazon against Delhi HC order, court stays approval

Reliance-Future Retail Deal: SC reaches Amazon against Delhi HC verdict

New Delhi:

The Supreme Court has stayed the proceedings of the Delhi High Court in the Reliance-Future Retail Deal case. The apex court has taken this step on the petition of retail giant Amazon. The Supreme Court will hear the matter on May 4. In fact, the Delhi High Court had given permission to pursue the Reliance Future Retail Deal, against which Amazon has turned to the Supreme Court.

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The company’s petition said that the March 22 order of the High Court should be termed as illegal and improper. Amazon has also demanded the Supreme Court to stay the order of the High Court to avoid irreparable harm. According to the information given by Future Retail to the stock market, the lawyer of the company got a communication slip on April 13, 2021.

It has been sent by the lawyers of Amazon. According to the slip, Amazon’s lawyers have filed a petition in the Supreme Court, challenging the decision of the Division Bench of the Delhi High Court dated March 22, 2021.

Let us tell you that on March 22, the Division Bench of the Delhi High Court gave a decision to increase the ban imposed by the single judge on the deal of Rs 24,713 crore. In August 2019, Amazon took a 49 percent partnership in Future Coupons, for which Amazon paid Rs 1500 crore. In this deal certain conditions were also laid down, such as that Amazon would have the right to buy the stake of Future Retail Limited after a period of three to 10 years.

The deal was signed in August for Rs 24,713 crore. This deal has already been approved by CCI, SEBI and the stock market.

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