The apex court bench said the high court should consider the plea of Future Retail on the issue without being influenced by the observations made in its order.
Amazon has sought in the Supreme Court that Singapore’s Emergency Arbitrator award that restrained Future Retail from going ahead with the merger was valid & enforceable.
India’s e-commerce rules single out foreign-owned online platforms like Amazon and Flipkart. But the domestic online and offline retailers follow similar marketing tactics.
Kishore Biyani-led Future Retail Ltd alleged that the e-commerce giant was interfering in its deal with Reliance Retail on the basis of an interim order passed by a Singapore arbitrator.
Saudi's Public Investment Fund, a sovereign wealth fund, will pick a 2.04% stake in Mukesh Ambani's Reliance Retail and will be its third investment in the conglomerate.
With the latest investment, Reliance Retail has raised 377.1 billion rupees from global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG & ADIA in less than 4 weeks.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
COMMENTS