SC admits Amazon appeal, halts Future-Reliance deal
The Supreme court admits the appeal by e-commerce giant Amazon and issued an interim order on Monday that the NCLT shall not approve the deal between the Reliance and the Future Group Ltd. (FGL).
The deal being FGL selling its assets worth $3.4 billion to Reliance, a competitor of Amazon, violates a partnership contract between FGL and Amazon. It may prevent Amazon from dominating India’s retail sector; hence Amazon is trying to stop this deal. Also, FGL is facing huge debt, and selling its assets is the only way out. The Supreme court also issued notices to FRL seeking written statements on the dispute. Justice Rohinton F. Nariman is heading the two-judge panel. He said the court would hear the case again after five weeks.