The Supreme Court on Friday ruled in favour of e-commerce giant Amazon in its legal battle against the proposed Rs 24,713-crore merger deal between Future Retail Limited and Reliance Retail, Live Law reported.
One of the main questions raised in the case was about the validity and enforceability of a Singapore-based single-judge arbitration panel’s decision to restrain Future Retail Limited from going ahead with its deal with Reliance Retail, under the Indian laws.
During Friday’s hearing, Justice RF Nariman said the Emergency Arbitrator’s decision could be enforced in India. “Emergency arbitrator’s award holds good under Section 17(1) of the Arbitration and Conciliation Act and single judge’s order for such award cannot be appealed under Section 37(2),” he added.
The case so far
The matter sparked off in August last year after Future Group, led by Kishore Biyani, had agreed to enter the deal with Mukesh Ambani’s Reliance Retail, under which it would sell…