[Breaking] CCI approves Future-Reliance deal as Delhi High Court reserves order in Future Retail suit against Amazon

The Delhi High Court today reserved its order in the suit filed by Future Retail against Amazon in connection with its deal with Reliance, which was recently stalled by an Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC) [Future Retail v. Amazon]..Meanwhile, the Competition Commission of India (CCI) today approved the acquisition of the retail, wholesale, logistics, and warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited. .A Single Judge Bench of Justice Mukta Gupta reserved the order on the issue of grant of interim relief to Future Retail. .As ad-interim relief, Future Retail (FRL) has sought directions from the Court to restrain Amazon from interfering in its performance of the lawful contract with Reliance. .Without challenging the Emergency Award, FRL has contended that Amazon ought to be prevented from writing to statutory authorities such as the Securities and Exchange Board of India (SEBI) in an attempt to stall the deal. .FRL has asserted that the Emergency Award is of no consequence as it is not enforceable in the Indian regime. .Amazon, on the other hand, has contended that the "ship of arbitration has sailed" in the present case and thus, the present suit was not maintainable. The e-commerce giant has stated that the Emergency Award is binding on all parties as it was duly recognised under Part I of the Arbitration Act. .Earlier this year, Kishore Biyani-owned entity Future Retail, which runs Big Bazaar and other retail outlets, had announced its deal with Mukesh Ambani-owned Reliance Retail Ventures Limited..SAM, Khaitan, CAM, Trilegal and Wadia Ghandy on the Reliance acquisition of Future Group.Subsequently, Amazon, an investor in one of the shareholders of Future Retail, moved the Emergency Arbitrator on the ground that Reliance fell in the negative list of 30 entities with which Future Group could not transact..The Emergency Arbitrator had then passed an interim award injuncting Future Group from taking any steps in furtherance of the transaction with Reliance..Shardul Amarchand Mangaldas & Co had acted for Reliance Group on the deal.The Competition Law team on the transaction is being led by Pallavi Shroff, Managing Partner, together with Partners Shweta Shroff Chopra, Aparna Mehra and Manika Brar..Khaitan & Co had acted for Reliance Retail Ventures Limited (RRVL) along with its wholly-owned subsidiary, Reliance Retail and Fashion Lifestyle Limited (RRFLL). The Competition team is being led by Partner Anisha Chand..Trilegal and Wadia Ghandy acted for the Future Group. The Trilegal Competition team was led by Nisha Kaur Uberoi, Partner & National Head – Competition Law; assisted by Gautam Chawla and Rahul Satyan, Counsel; Tanveer Verma, Gajendra Bhansali, and Ankita Dhawan, Associates.