In its petition, Amazon sought enforcement of the Singapore arbitrator's ruling in October against its partner Future's Rs 24,713 crore deal with Reliance.
Future Retail Ltd's shares hit the upper circuit of Rs 81.35, rising 4.97 per cent from the previous close.
It has been rightly held that Amazon acquired control of Future Retail by virtue of its arbitrary dominance in Future Coupon Limited and in the absence of any Government approval, it is contrary to FEMA & FDI rules, according to CAIT.
Amazon bought 49 per cent stake in one of Future Group's unlisted firms, with the right to buy into the listed flagship Future Retail Ltd.
The acquisition is part of the scheme in which the Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL).
RIL's acquisition of Future Group's warehousing and logistics business, in addition to its stores, will help expand the scale of JioMart, RIL's online grocery platform.
