Amazon & Future Dispute: Single-Judge Order Will Be Implemented

Amazon & Future dispute: Delhi High Court said, if the stay is not received from the Supreme Court, then the single-judge order will be implemented.

The Delhi High Court on Tuesday said it will implement a single judge order restraining Future Retail Ltd (FRL) from going ahead with the deal with Reliance Retail if no stay is received from the Supreme Court within four weeks.

FRL has struck a deal to sell its business to Reliance Retail for Rs 24,713 crore, which is objected to by American e-commerce giant Amazon.

Hearing Amazon’s plea seeking enforcement of an order by the Emergency Arbitration Court (EA) of Singapore restraining FRL from proceeding with the deal.

Justice Suresh Kumar Kait observed that there is no adjournment from the Supreme Court.

There is no option but to implement the order passed by Justice JR Midha before it on March 18.

The judge said, “Either stay on the order of March 18 within 2-3 weeks or follow the order.” This court has no third option.

Amazon-Future dispute: Next hearing on September 17

The court listed the matter for further hearing on September 17, which said that ‘I make it clear that if the defendants do not get any stay order before the next date of hearing, this court will proceed with the matter on March 18, 2021, will implement the order.

Senior advocate Parag Tripathi, representing Future Coupons Pvt Ltd (FCPL) and other concerned parties.

Submitted that a special leave petition has already been filed in the Supreme Court by their clients against the March 18 order.

Senior advocate Darius Khambata, representing FRL, said his client has made an application before the arbitration tribunal and an appeal will also be made before the apex court.

Another charisma of Sensex: Crossed 56000 level for the first time, Nifty also at an all-time high

During trading in Sensex-Nifty on Wednesday, it was amazing. Sensex went up to a record level of 56,086 points during trading.

The business also started at a new level of 56073 points. Shares of HDFC Bank climbed more than 2 percent in the morning itself.

Most of the shares of the Sensex 30 index were on the green mark.

At the same time, Nifty 50 also touched the all-time high of 16,693 points with the opening of the market. The business started with 16691 points.