New Delhi: The Supreme Court on Thursday adjourned until July 20 its hearing on a petition filed by American e-commerce giant Amazon challenging the Delhi High Court verdict which stayed its earlier single-judge order and paved the way for the Rs 24,713 crore deal to amalgamate Future Retail Ltd (FRL) with Reliance Retail.
A bench comprising Justices RF Nariman, Justice KM Joseph and Justice BR Gavai adjourned the matter after senior advocate Harish Salve appearing for Future Retail apprised about an arbitration proceeding between the two companies–Amazon and Kishore Biyani-promoted Future Group– at the Singapore International Arbitration Centre (SIAC) from July 12 and requested the matter to be heard next week.
Senior advocate Gopal Subramanium, appearing for Future Group, agreed with Salve’s submission as the bench directed the matter to be listed on July 20.
On March 22, a Division Bench of High Court Chief Justice DN Patel and Justice Jasmeet Singh had stayed a March 18 order of Justice JR Midha ordering attachment of the assets of Future Coupons Private Limited (FCPL), FRL, Kishore Biyani and 10 other promoters.
Amazon has been seeking enforcement of an order of the emergency arbitrator (EA) at the SIAC restraining FRL from taking any steps to transfer its retail assets.
On February 22, the apex court had asked the National Company Law Tribunal (NCLT) not to pass the final order on the amalgamation.