Companies

Amazon moves SC seeking interim stay against Future Retail-RIL deal

Forum Gandhi Mumbai | Updated on February 11, 2021

Amazon has filed a plea with the Supreme Court challenging the Delhi High Court’s decision on the dispute with Future Retail.

Amazon submitted to the top court that the High Court has acted “illegally and arbitrarily”, that its order is “hasty” and also “against the principles of natural justice, equity and fair play.” In its appeal petition, Amazon sought interim relief to block the deal between Future Retail and Reliance Industries Limited.

The petition will be heard by a single-judge Bench before being admitted. A Division Bench of the Delhi High Court had vacated the stay on the deal between Future and Reliance Retail. Amazon alleged its oral submissions weren’t taken into consideration. “The High Court has acted illegally and arbitrarily, firstly in failing to appreciate much less consider the oral submissions made by the petitioner, and the catena {connected or series} of judgments relied upon by the petitioner.”

Amazon further said the order “is also against the principles of natural justice, equity and fair play.”

Amazon has stated that the balance of convenience lies in favour of the e-commerce giant. It further said that Future Retail and Reliance will continue to take steps to complete the impugned transaction. “The greater the progress made towards the completion of the impugned transaction, the harder it will be to unravel it.”

So far, SEBI and the Competition Commission have green lighted the deal. The matter has now been listed before the NCLT for hearing on March 1.

 

 

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Published on February 11, 2021
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