The Supreme Court on Tuesday remanded to the Delhi High Court the Amazon-Future Group case, asking it to hear the matter afresh “on its own merits”, The Hindu reported.
The matter involves the enforceability of an Emergency Award by a Singapore tribunal restraining Future Group’s Rs 24,731-crore merger deal with Reliance Retail. Amazon has been opposing the merger and the Emergency Award passed by the Singapore International Arbitration Centre was in its favour. Amazon has alleged that Future Group violated the contract between the two companies by entering a deal with Reliance.
In a major relief to the Future Group, the Supreme Court set aside the Delhi High Court’s orders dated February 2 and March 18 ordering coercive action against Future Group for allegedly violating the Singapore tribunal’s award, according to Live Law.
The Future Coupons Private Ltd and Future Retail had filed a petition against the High Court ordering the attachment of the assets of the Group and its promoters for allegedly violating the Emergency Award.
The Supreme Court also set aside the Delhi High Court’s order passed on October 29, which refused to stay the tribunal’s refusal to vacate the Emergency Award in favour of Amazon.
On January 11, the Supreme Court bench had reserved its order but orally indicated that it would return the case to the Delhi High Court.
Advocates Harish Salve and Mukul Rohatgi, who appeared for the Future Group companies, argued that if the merger with Reliance did not go through, it would imperil the jobs of 30,000 employees, according to The Hindu report.
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