Amazon moves Delhi HC to enforce Singapore order and block Reliance-Future deal


2021-01-25 15:09:04

BENGALURU: Amazon has intensified its legal battle against Future Group and its promoter -Kishore Biyani-with a new case in the Delhi high court to enforce the Singapore arbitration ruling in India, which had stayed the Rs 24,731 crore Reliance-Future deal.
The Singapore International Arbitration Centre (SIAC) in October granted an interim relief to Amazon by asking Future to put on hold its merger with Reliance.
Amazon’s petition in the court, reviewed by TOI, said Biyani-led Future Group ‘deliberately and maliciously’ disobeyed the international arbitration ruling from SIAC.
In its bid to block the completion of Reliance-Future deal, the petition has sought an injunction from the court to direct Future Group from taking any steps to complete the disputed transaction with any entities that are part of the Reliance Group.
This includes any ‘direct or indirect transfer’ of Future Group assets to Reliance, according to Amazon’s plea to the court.
Amazon’s latest move underscores the importance of the Indian market where it is fighting a bigger battle with Reliance Industries chairman Mukesh Ambani, who is scaling up the new commerce venture with JioMart. The global e-commerce major has also sought directions from the court to restrict Future Group from relying on any regulatory or local agency approval to go ahead with the merger.
An Amazon India spokesperson declined to comment on the matter.
Last week, market regulator Sebi gave a conditional nod to the Reliance-Future deal while antitrust regulator Competition Commission of India (CCI) gave its approval in November.
Prior to this, Future in its case against Amazon had asked the court to restrict the latter from ‘interfering’ in the deal completion process by writing to the regulators. The court did not grant this to Future among its other observations. Separately, Amazon has filed an application to review this ruling from the court as well.



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