SEBI nod for Future-Reliance deal subject to court proceedings: Amazon

Our Bureau Mumbai | Updated on January 21, 2021

This comes after SEBI gave conditional approval to the ₹25,000-crore deal late on Wednesday

Amazon on Thursday said that the SEBI approval to the Future Retail -Reliance deal is subject to the outcome of the court decision.

Also Read: Future Retail-Reliance deal gets SEBI nod

“Letters issued by BSE & NSE clearly state that comments of SEBI on the ‘draft scheme of arrangement’ (proposed transaction) are subject to the outcome of the ongoing Arbitration and any other legal proceedings. We will continue to pursue our legal remedies to enforce our rights,” Amazon said in a statement. This comes after SEBI gave conditional approval to the ₹25,000-crore deal late on Wednesday.

Also Read: Amazon-Future Retail case: Singapore Arbitration Centre appoints third arbitrator

In August 2020, Future Retail and Reliance Retail had agreed to a slump sale of assets to the latter for approximately ₹25,000 crore.

Amazon has moved an appeal to the Divisional Bench of Delhi High Court opposing the deal. Additionally, Amazon is also fighting a legal battle at the Singapore International Arbitration Centre.

Published on January 21, 2021

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