Delhi High Court Directs Status Quo To Be Maintained On Reliance-FRL Stake Sale Deal On Amazon's Plea


3rd Feb,2021

Delhi High Court Directs Status Quo To Be Maintained On Reliance-FRL Stake Sale Deal On Amazon's Plea

Hearing a plea by Amazon Inc against Future Retail Ltd (FRL) and Reliance Industries' retail stake deal bargain worth Rs. 25,000 Crores , the Delhi High Court today allowed interval help to Amazon guiding all specialists and gatherings to keep up the norm on the arrangement until a detailed interim order on the case.
The bench of Justice Midha likewise gave a solid prima facie view in support of Amazon that as opposed to FRL's plea that the Award was a nullity, the Emergency Award is enforceable under Section 17 (2) of the Arbitration and Conciliation Act.
The Delhi High Court had given notification on Amazon's plea looking for interim injunction against Future Retail Ltd (FRL) and Reliance Industries Ltd's arrangement worth almost Rs. 25000 crores, and looked for clarity on the verifiable situation of all gatherings included.
Sr. Adv. Darius Khambata, showing up for FRL, had contended that even under the SIAC Rules, which oversee the intervention arrangement between the gatherings, the Emergency Arbitrator isn't the council.
Senior Advocate Gopal Subramanium, Pathak and Associates, AZB and Advocates Pawan Bhushan Hima Lawrence Ujwala Uppaluri showed up for Amazon.