Today, The Supreme Court put a stay order on the proceedings on the dispute between Amazon and Future Retail Limited pending before the Delhi High Court for four weeks.
On August 6, the Supreme court had allowed the appeal filed by Amazon against a Delhi High Court order staying the attachment of properties of Future Group companies and Kishore Biyani in relation to the Future-Reliance deal. An Emergency Arbitrator of Singapore restraining Future Retail from proceeding with its merger deal with Mukesh Ambani’s Reliance Retail is enforceable in India is in an order under Section 17(1) of the Arbitration Act, held by the Bench of Justices Rohinton Fali Nariman and BR Gavai.
The Bench of Chief Justice of India NV Ramana and Justices Surya Kant and AS Bopanna also directed the NCLT, CCI, SEBI to not to pass any final order for four weeks.
The Court was hearing a plea filed by Future Coupons Private Limited against a Delhi High Court single judge order which had put on hold Future Group’s deal to sell its retail assets to Reliance Retail.