Delhi High Court Bans Future-Amazon ‘Arbitration’ In RIL Deal

Delhi High Court bans Future-Amazon ‘arbitration’ in Reliance deal.

The Delhi High Court on Wednesday bans the ongoing hearing at the Singapore Arbitration Center on the Amazon-Future dispute.

The arbitration hearing was going on on Amazon’s objection to Future Group’s Rs 24,500 crore deal with Reliance.

The division bench of the High Court also stayed the single bench order dismissing the petitions of the Future Group seeking quashing of this arbitration hearing.

Against this order, Future Group filed an appeal before the Division Bench.

A bench of Chief Justice DN Patel and Justice Jyoti Singh said, “Prima facie, the matter appears in favor of Future Retail Limited and FCPL and if the stay order is not granted, they will suffer loss.”

Along with this, the bench also ordered to adjourn the ongoing process in the arbitration tribunal till further hearing and stay the January 4 order of the single bench.

The next hearing of the matter will be on February 1.

The division bench also issued notice to Amazon on the appeal filed by Future Group of companies.

Amazon has put its objections to the Future-Reliance deal at the Singapore-based international arbitration center. The quashing of this hearing was sought by the Future Group.

Amazon brought the matter to the Singapore Arbitration Center in October 2020.

Amazon says FRL has violated the investment agreement it entered into in 2019 with Reliance Group’s Reliance Retail for a sale deal worth Rs 24,500 crore.

Today is an important date regarding Petrol-Diesel, countries making crude will take a big decision

Good news can come today regarding the prices of Petrol-Diesel.

Because OPEC and allied oil-producing countries will decide today on restoring the production cuts made in the past due to the coronavirus epidemic.

It is expected that despite the rapid spread of the new form of the virus, Omicron, movement, and demand for fuel will continue.

Due to which a decision may be taken to roll back the cuts made in the oil producer.