The Supreme Court affirmed a Delhi High Court Single-Judge judgement on Amazon’s lawsuit against the Future-Reliance agreement on Friday, ruling that Singapore’s Arbitrator Award preventing Future Retail from merging with Reliance Retail is legal within Indian law and it can be executed.
“The interim arbitrator’s decision under section 17(1) as well as the single judge’s order are upheld,” Justice R.F. Nariman and Justice B.R. Gavai ruled.
Amazon has appealed to the Supreme Court against a Delhi High Court Division Bench judgement that allowed the Reliance-FRL agreement to proceed. “The group had previously explicitly said that they will start taking steps to consummate the disputed payment,” according to Amazon’s appeal.
The more progress that has been made toward the transaction’s conclusion, the more difficult it is to unwind it. Other third parties’ interests are becoming intertwined with the contested deal over the period and are jeopardised as a result. Furthermore, the petitioner will suffer irreparable harm.”