Shock to Mukesh Ambani on Reliance-Future deal, Supreme Court ruled in favor of Amazon
The Supreme Court has given a big setback to Mukesh Ambani in the Reliance-Future deal and in this case, the court has justified the stay of the Singapore Court while ruling in favor of Amazon. The Supreme Court has clearly held that the Singapore Court’s decision to stay Future Retail Ltd’s Rs 24,731 crore deal with Reliance Retail is valid and enforceable under Indian laws.
A bench of Justice RF Nariman looked into the question and ruled that the decision of an emergency adjudicator (EA) of a foreign company is enforceable under the Indian Arbitration and Conciliation Act, notwithstanding that the word EA is not used here in the arbitration laws. has gone. The bench said that the order of EA is an order falling under section 17(1) and it is enforceable under section 17(2) of the Arbitration and Conciliation Act.
The dispute over the deal was going on: There was a war going on for a long time between Amazon and Kishar Biyali over Reliance and Future Deal, which reached the court. Amazon had approached the Supreme Court to implement the Singapore court’s decision. In August last year, Future Group had announced the merger of five of its listed companies, including Future Retail, with Future Enterprises Ltd. After which there was talk of transferring the retail business to Reliance. This deal between the two companies was done for about 25 thousand crores.
The decision was given by the Singapore Court: There is a partnership of 5% through coupons. In 2019, Amazon bought 49% stake in Future Coupons for Rs 1,500 crore. Amazon has accused Future Group of selling its business to Reliance without their consent. On Amazon’s plea, the Singapore International Arbitration Center had ordered Reliance and Future not to proceed with the final decision.
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