India’s Supreme Court on Monday banned the final decision of a tribunal reviewing Future Group’s $ 3.4 billion retail assets (approximately 24,640 crores) until the Supreme Court heard objections from injured partner Amazon, three sources said .
The result of a fight with two of the richest men in the world, Amazon Jeff Bezos and Reliance’s Mukesh Ambani, could reshape the pandemic-affected market sector in India and decide whether Amazon can blunt Reliance’s dominance of retail.
Three people familiar with the case on Monday said the Supreme Court had ruled that while the tribunal could continue to review the deal and monitor the approval process, it could not accept a final order while the court heard Amazon’s concerns.
“This is a good thing for Amazon,” said one source, who has direct knowledge of the events.
Indian stock exchanges and the antitrust observer have already cleared a deal that is now awaiting resolution from the National Company Tribunal (NCLT), in accordance with regulatory procedures.
A second source said Future had only asked NCLT to allow it to convene meetings to seek shareholder approval for the deal. The process will continue and Future will later seek final approval from the tribunal, the source added.
Amazon declined to comment until Future Group and Reliance responded immediately to a request for comment.
Sources are seeking anonymity because they are not authorized to speak to the media.
In its appeal to the Supreme Court, Amazon will claim that an arbitration order in October, which puts the Future-Reliance deal on hold, remains valid, Reuters reported.
© Thomson Reuters 2021
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