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Future Retail, on Friday, said it intends to pursue all available avenues to conclude the deal with Reliance Retail to protect the interests of its stakeholders and workforce.
“The Honourable Supreme Court of India has today passed its judgment inter-alia stating that Emergency Arbitrator’s order holds good under section 17(1) of the Arbitration and Conciliation Act (the Act), and such award cannot be appealed under Section 17(2) of the Act. The judgment addresses two limited points related to the enforceability of the Emergency Arbitrator’s order and not the merits of the disputes. The full copy of the judgment is awaited,” said Future Retail in a statement to the stock exchanges.
SC rules in favour of Amazon in the Future Retail case
The Supreme Court, on Friday, ruled in favour of e-commerce giant Amazon, against the proposed ₹24,713-crore merger deal between Future Retail Limited and Reliance Retail.
A Bench of Justices Rohinton F Nariman and BR Gavai upheld the validity and enforceability of a Singapore-based Emergency Arbitrator award, which restrained Future Retail Limited from going ahead with its deal with Reliance Retail under Indian laws.
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