Delhi HC junks Future’s plea to stall proceedings before S’pore tribunal
The legal battle between Amazon and Future Group was going on for over two years in various courts in India.
The legal battle between Amazon and Future Group was going on for over two years in various courts in India.
The top court directed market regulator SEBI, National Companies Law Tribunal (NCLT) and Competition Commission of India (CCI), not to pass any order against the Future Group for four weeks.
The deal, which was announced on August 29, 2020, has already received clearance from regulators such as CCI, SEBI and bourses, and the scheme of arrangement is now awaiting the nod from the NCLT and shareholders.
Future Group shares were also in heavy demand, rising up to 10 per cent.
The arbitration panel, in an interim order, has directed the Kishore Biyani-led Future Group not to proceed with the deal with Reliance Retail for now.
It is worth mentioning that the Future Group's financial and insurance business is not part of the deal with Reliance Industries.
The current default amount includes principal of Rs 20 crore and interest of Rs 2.03 crore.
RIL, it said, will be able to maintain its net debt-free status even after considering the cash outflow and increase in borrowings following the completion of the proposed acquisition.
The above acquisition is being done as part of the scheme in which the Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL).
