Delhi HC stays order directing status quo on Future Retail-Realiance deal

The Delhi High Court stayed its single judge decision directing Future Retail and various statutory authorities to maintain status quo with regard to the Rs 24,713 crore deal with Reliance Retail. The court refused to restrain statutory authorities, like National Company Law Tribunal, Competition Commission of India (CCI) and SEBI, from proceeding in accordance with law with regard to the deal. The bench also issued a notice to Amazon and sought its stand on FRL's appeal by February 26 when it will commence day-to-day hearing of the matter.

Amazon had first filed a plea before the single judge for enforcement of the October 25, 2020 Emergency Arbitrator (EA) award by the Singapore International Arbitration Centre (SIAC) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail. In the interim order, the division bench said it was staying the single judge order as firstly, FRL was not a party to the share subscription agreement (SSA) between Amazon and Future Coupons (FCPL) and the US e-commerce giant was not a party to the deal between FRL and Reliance Retail.