Tuesday, December 1, 2020
Want create site? Find Free WordPress Themes and plugins.

CCI approves Future sale to Reliance, Delhi High Court reserves order

Want create site? Find Free WordPress Themes and plugins.

New Delhi (ILNS): There was some level of good news for Future Retail in its complicated deal involving Reliance Retail on the one hand and Amazon on the other. The Competition Commission of India (CCI) today approved its sale to Mukesh Ambani’s Reliance Retail.

However the fate of the case that Future had filed against Amazon at the Delhi High Court is still unknown, because Justice Mukta Gupta, who heard the case, has reserved her order.

The Future Group has gone to court, asking it to stop Amazon from meddling into its affairs. There is no direct challenge to the order of a Singapore arbitrator, which had declared the acquisition plan of Future to Reliance as null and void. Future wants the court to prevent Amazon to write to regulators such as SEBI about the acquisition.

Future’s contention, of course, is based on the assumption that the Singapore arbiter’s ruling was not binding as per Indian law. Amazon contends that the buy option that it has through a small stake holding in Future Retail’s parent company, allows it to have first shot at buying the whole company.

Future is in a terrible fund crunch and wants this sale to Reliance to go through quickly.

Read Also: Supreme Court to hear CPI leader Binoy Viswam’s plea on restriction for pay portals linked to top Cos on Monday

Did you find apk for android? You can find new Free Android Games and apps.


Please enter your comment!
Please enter your name here

News Update

Supreme Court to hear advocates’ plea against Justice Karnan’s video on social media

A bench of Justice A. M. Khanwilkar and Justice S. Ravindra Bhat will hear the matter. The matter was listed previously on October 26, when, at the request of Senior Advocate Aryama Sundaram for the petitioners, the matter was adjourned for three weeks.

Delhi High Court grants bail to Northeast Delhi riots accused

Justice Suresh Kumar Kait granted bail to the accused upon furnishing a personal bond in the sum of Rs 30,000/- with one surety in the like amount to the satisfaction of the Trial Court/Duty Judge.

Kerala Union of Working Journalists asks Supreme Court to use its powers to order release of jailed Siddique Kappan

Kappan was arrested while he was on his way to report the Hathras incident and to meet the victim’s family. A petition was then filed by the KUWJ contending that the detention of Kappan is violative of the fundamental rights guaranteed under Articles 14, 19 and 21 of the Constitution.
Did you find apk for android? You can find new Free Android Games and apps.