The shares of Reliance Industries has fallen over 2 per cent on the news that arbitrator has stayed Future-RIL deal on Amazon complaint.
The arbitrator looking into the dispute between Amazon and Future group has put an interim stay on the latter's ₹25,000-crore deal with Reliance Retail. The former Attorney-General of Singapore, V.K. Rajah, was the arbitrator for the case.
In his order granting interim relief for Amazon, Rajah said it was prudent for an interim stay in the deal as it was "disputed".
Reliance Retail to go ahead with Future deal despite stay orderSays transaction was entered into under ‘proper legal advice’
"It is just, in the circumstance, to award interim relief to the Claimant to restrain and injunct the Respondents from taking any further steps in connection with the Disputed Transaction," he stated. The order ran into over 120 pages and was reviewed by BusinessLine .
Earlier this month, Amazon had sought intervention stating that the ₹25,000-crore deal between Future Group and Reliance Retail violated multiple rules of the 2019 agreement and was against the interest of Future Retail's shareholders.
The stock is currently trading at a day's low of ₹1,188 (-3.61%).