Salve argued that as per the Companies Act 2013, entities with less than 10% shareholding cannot object to the scheme of arrangement
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Resuming after a Diwali break, fireworks continued in the Delhi high court on Thursday after it resumed hearing into the Future Group-Reliance Retail vs the Amazon case.
Kicking off his arguments on behalf of Future Retail, former solicitor general and senior advocate Harish Salve said Amazon wasn’t entitled to object to the deal because it didn’t have skin in the game.
Salve argued that as per the Companies Act 2013, entities with less than 10% shareholding cannot object to the scheme of arrangement.
Amazon doesn’t have a direct stake in Future Retail. It holds 49% in Future Coupons which in turn holds 9.8% in Future Retail. But it contends…