The Supreme Court on Thursday stayed the proceedings in the dispute between Amazon and Future Retail Limited (FRL) pending before the Delhi High Court for four weeks.
A bench led by Chief Justice N.V. Ramana and also comprising Justices Surya Kant and A.S. Bopanna, ordered a stay on the enforcement of Emergency Arbitrator’s order by Delhi High Court.
NCLT, CCI, SEBI directed not to pass any final order for 4 weeks
The apex court ordered the National Company Law Tribunal (NCLT), the Competition Commission of India (CCI), and the Securities and Exchange Board of the India (SEBI), not to pass any final order in relation to the dispute for four weeks.
The plea was filed by Future Coupons, headed by Kishore Biyani and his family members against the Delhi High Court order, which had directed them to maintain a status quo, restricting them from transferring the retail assets to ‘Restricted Person,’ including the Mukesh Dhirubhai Ambani Group (MDA).
On August 6, the apex court had allowed the appeal filed by Amazon against a Delhi High Court order staying the attachment of properties of Future Group companies and Kishore Biyani in relation to the Future-Reliance deal.
Emergency Arbitrator of Singapore’s award very much an order in India: SC
The Bench of Justices Rohinton Fali Nariman and B.R. Gavai also held that the order of an Emergency Arbitrator of Singapore restraining Future Retail from proceeding with its merger deal with Mukesh Ambani’s Reliance Retail is enforceable in India, under Section 17(2) of the Arbitration and Conciliation Act (Arbitration Act).
An emergency arbitrator’s award, the Court ruled, is very much an order under Section 17(1) of the Arbitration Act.
Case: Future Coupons Private Limited vs Amazon.com NV Investment Holdings LLC