India News | HC Directs Future Retail to Maintain Status Quo on Deal with Reliance
Get latest articles and stories on India at LatestLY. The Delhi High Court Tuesday directed Future Retail Ltd (FRL) to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail, which has been objected to by US-based e-commerce giant Amazon.
New Delhi, Feb 2 (PTI) The Delhi High Court Tuesday directed Future Retail Ltd (FRL) to maintain status quo in relation to its Rs 24,713 crore deal with Reliance Retail, which has been objected to by US-based e-commerce giant Amazon.
Justice J R Midha said the court was satisfied that an immediate interim order was required to be passed to protect the rights of Amazon.
"Respondents (FRL) are directed to maintain status quo as on today at 4:49 PM till pronouncement of the reserved order," the judge said.
Amazon has approached the high court seeking direction to order enforcement of the award by Singapore's Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail.
Amazon has sought to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group.
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