Move to ensure ‘balance of interests’
The Supreme Court on Thursday stayed proceedings in the dispute between Future Group and Amazon over a nearly ₹25,000-crore merger deal with Reliance Retail taking into consideration the “balance of interests of both parties”.
Notice to authorities
A three-judge Bench led by Chief Justice of India N.V. Ramana, while issuing notice, ordered statutory authorities, including the National Company Law Tribunal, the Competition Commission of India and the Securities and Exchange Board of India to not pass any orders in matters connected to the dispute for the next four weeks. The order was passed after Future Group and Amazon consented.
The court’s stay order and subsequent freeze on any action by statutory authorities for the next four weeks comes as a relief for the Future Group, which had moved the apex court to stay an order passed by the Delhi High Court to attach the assets of Future Coupons, Future Retail and Future Group promoter Kishore Biyani.
A Single Judge of the Delhi High Court had ordered the attachment of assets in March. It had directed the Future Group firms and promoters to file their affidavits giving details of their assets for violating an Emergency Arbitrator award.
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