- Apprentice Lawyer
The appeal is listed for hearing before a Division Bench of Chief Justice DN Patel and Jyoti Singh on Wednesday, January 13.
Future Retail had moved the Delhi High Court after an Emergency Arbitrator of the Singapore International Arbitration Centre (SIAC) restrained Future Group from taking any steps in furtherance of the transaction with Reliance Retail.
In the suit, Future Retail had prayed for directions to restrain Amazon from writing to statutory authorities such as the Securities and Exchange Board of India (SEBI) in an attempt to stall the deal.
Last year, while prima facie opining that the Emergency Award was valid, a Bench of Justice Mukta Gupta had refused to restrain Amazon from interfering in FRL's deal with Reliance Retail by writing to statutory authorities.
However, at the same time, Justice Mukta Gupta made a prima facie finding that Future Retail's suit was maintainable and that its resolution approving the transaction with Reliance was also valid.
The order also stated that prima facie, the conflation of the three agreements i.e. Future Retial Shareholding Agreement (SHA), Future Coupons Pvt Ltd (FCPL) SHA and FCPL Share Subscription Agreement, as was being pleaded by Amazon, granted disproportionate rights to Amazon, which required government approvals under FEMA FDI Rules.