With the Supreme Court upholding the Singapore International Arbitration Centre’s (SIAC) award, the National Company Law Tribunal (NCLT) will pause the hearing related to the Future-Reliance deal. The deal can go through only if it is approved by the NCLT.

In addition, the NSE, BSE, and CCI are likely to withdraw their conditional approval for the deal under which Reliance Retail had agreed to acquire Future Retail.

On Friday, the Supreme Court passed an order stating that the Singapore International Arbitration Centre’s (SIAC) interim emergency arbitrator award is applicable in India. In October last year, Amazon was granted an interim stay by SIAC against the Future Retail and Reliance Retail transaction. Future Retail had questioned the jurisdiction of the Singapore International Arbitration Court (SIAC) to give a ruling in the ongoing dispute with Amazon over the deal with Reliance Retail.

Reliance Retail had approached the NCLT seeking its permission to hold meetings of their shareholders and creditors to consider and approve the proposed merger with Future Group's retail, logistics, and warehousing business in a ₹24,713 crore deal. On the other hand, Future Retail had moved an application to merge all assets as a precursor to the deal.

Last month, the Mumbai bench of NCLT had reserved its order over the application moved by Reliance Industries Ltd.

NSE, BSE, and CCI had said it was a conditional approval subject to judicial approval.

Meanwhile, the matter will continue to bear heard by SIAC for a final ruling on the dispute.

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