
New Delhi: The Supreme Court Thursday stayed the proceedings in the dispute between Amazon and Future Retail Limited pending before the Delhi High Court for four weeks.
The Court was hearing a plea filed by Future Coupons Private Limited against a Delhi High Court single judge order which had put on hold Future Group’s deal to sell its retail assets to Reliance Retail.
A bench headed by Chief Justice N V Ramana, in a consent order, also directed the statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI) and market regulator SEBI not to pass any final order related to the merger deal for next four weeks.
“Nothing will happen in four weeks. Issue notice. Taking into consideration the challenge to Emergency Arbitrator award is pending before tribunal under SIAC Rules,” the Court noted.
It considered the statements of senior advocates Harish Salve and Mukul Rohatgi, appearing for FRL and Future Coupons Private Ltd (FCPL) respectively, that the arbitrator has reserved the final verdict in the case after hearing both sides.
Senior advocate Gopal Subramanium, appearing for US-based e-commerce giant Amazon which has challenged the merger, said that it was not interested in any punitive action against FRL, FCPL and their Directors and consented to passing of the order staying the proceedings before the Delhi High Court.
The FRL and FCPL have moved the top court against the Delhi High Court order of August 17 which said that it would implement the earlier order by its single-judge restraining FRL from going ahead with the deal in pursuance of the EA’s award. The High Court had also ordered attachment of properties.
Amazon dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance. On August 6, the Supreme Court gave the verdict in favour of Amazon and held that Singapore EA’s award, restraining the Rs 24,731 crore FRL-Reliance Retail merger deal, is valid and enforceable under the Indian arbitration laws.