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Delhi HC stays its own direction to maintain status quo on Future-Reliance deal

HC bench said statutory authorities like National Company Law Tribunal, CCI & SEBI can't be restrained from proceeding in accordance with law with regard to the deal.

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New Delhi: The Delhi High Court on Monday stayed its single judge direction to Future Retail Ltd (FRL) and various statutory authorities to maintain status quo with regard to the Rs 24,713 crore deal with Reliance Retail.

A bench of Chief Justice D N Patel and Justice Jyoti Singh passed the interim direction on FRL’s appeal challenging the February 2 order of the single judge.

The bench also declined Amazon’s request to keep its order in abeyance for a week so that it can explore appropriate remedies.

The court while staying the February 2 order said that statutory authorities, like National Company Law Tribunal, CCI and SEBI, cannot be restrained from proceeding in accordance with law with regard to the deal.

The court also issued notice to Amazon and sought its stand on FRL’s appeal by February 26 when it will commence day-to-day hearing of the matter.

The February 2 order had come on Amazon’s suit seeking enforcement of the Emergency Arbitrator (EA) order restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.

The October 25, 2020 EA order by the Singapore International Arbitration Centre (SIAC) had restrained FRL from going ahead with the deal with Mukesh Ambani’s Reliance Retail.

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