Active Stocks
Fri Apr 19 2024 15:56:00
  1. Tata Steel share price
  2. 162.10 1.31%
  1. Tata Motors share price
  2. 963.20 -0.84%
  1. NTPC share price
  2. 350.90 -0.14%
  1. ITC share price
  2. 424.80 1.40%
  1. Power Grid Corporation Of India share price
  2. 281.70 0.54%
Business News/ Companies / News/  Delhi High Court to give verdict on Future Retail-Amazon case on 21 December
BackBack

Delhi High Court to give verdict on Future Retail-Amazon case on 21 December

Delhi High Court will give its verdict at 10:30 am on Monday

Senior advocate Harish Salve appearing for FRL also made arguments opposing the submissions made by Amazon. (Mint)Premium
Senior advocate Harish Salve appearing for FRL also made arguments opposing the submissions made by Amazon. (Mint)

The Delhi High Court will give its verdict on Dec. 21 on Future Retail Ltd.’s petition to restrain Amazon.com from writing letters to regulators against the Indian retailer’s asset sale deal with Reliance Industries Ltd., according to updates on the court’s website.

The court will give its verdict at 10:30 a.m. on Monday.

Earlier, the Delhi High Court on 20 November reserved its order on Future Retail Limited’s plea seeking to restrain Amazon from approaching regulatory bodies, such as the Competition Commission of India against the deal with Reliance’s retail arm.

The court concluded hearing arguments by both parties and reserved its judgment. The court has directed the parties to file written submissions by Monday.

Senior advocate Gopal Subramanium appearing for Amazon said “The rules of arbitration varies but parties can still choose. That is the freedom in consent. What have the parties chosen here that they have agreed to the gamut of the SIAC (Singapore International Arbitration Centre) rules."

“Merely because the arbitrator and the tribunal is in Singapore it will be deemed to be have passed in Delhi as the seat is New Delhi. The order is jurisdictionally competent. To submit that it is not efficacious in law is to cause collateral damage," he added.

Opposing the plea by FRL that Amazon was destroying competition in the market, Subramanium said that Amazon has invested $6.5 billion all over India and employed more than 9 lakh people.

“The company is controlled by Biyanis. We also attempted to assist FRL. They made us believe that they were engaging in the assistance being provided by us. There is an impression that there is a one way street..." he said.

Senior advocate Harish Salve appearing for FRL also made arguments opposing the submissions made by Amazon.

The dispute relates to Future’s sale of its retail, wholesale and warehousing assets to Mukesh Ambani’s RIL for 24,713 crore. Amazon, which owns a 5% indirect stake in Future Retail, had contested the sale in the Singapore court, claiming that its 2019 investment agreement bars the Future Group from selling its assets to RIL.The Singapore court on 25 October restrained Future from selling its assets to RIL.

* With inputs from agencies


Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 19 Dec 2020, 10:33 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App