Amazon vs Future: SC allows Future to move Delhi HC to seek resumption of NCLT proceedings

New Delhi, February 15

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The Supreme Court on Tuesday allowed Future Retail Ltd to move the Delhi High Court for permission to go ahead with the National Company Law Tribunal (NCLT) proceedings for approval of its Rs Rs 24,731 crore merger deal with Reliance Retail.

A Bench headed by Chief Justice N V Ramana—which had on February 3 reserved its order on Future Retail’s plea for continuation of the merger deal process before the NCLT—asked the single judge of the high court to consider Future Retail’s plea without being influenced by the observations made in its order.

The top court had on February 1 quashed three orders of the high court, including attachment of properties of FRL and its directors and the refusal to grant a stay on the final arbitral award which had restrained FRL from going ahead with its Rs 24,731 crore merger deal with Reliance Retail and had ordered fresh adjudication.

Amazon and the Future group have been embroiled in a legal battle for over a year as the US major is opposing the merger of Future Retail with Reliance Retail.

Future Retail had urged the top court to allow the NCLT approval process to continue as it required several steps spread over a few months.

The top court is also hearing Amazon’s petition challenging the Delhi High Court order staying the Singapore International Arbitration Centre (SIAC) proceedings in relation to the 2019 deal with Future Retail.