Future-RIL deal: Amazon flags Supreme Court’s ruling to SEBI
The HinduAmazon has written to SEBI requesting the regulator to direct stock exchanges to withdraw the ‘Observation Letters’ that were issued related to the proposed ₹24,713-crore Future-Reliance deal. The U.S. e-commerce giant has also urged SEBI to take necessary action to comply with the recent Supreme Court judgment related to the deal. “In light of the directions contained in the Enforcement Judgment, and the EA Order whose validity has been affirmed by the Hon’ble Supreme Court, Amazon requests you to take all such action as is necessary to comply with the Supreme Court Judgment, and to further ensure that no communications subsist or emanate which are at variance with the Supreme Court Judgment,” Amazon wrote in a letter dated August 17, referring to the SC ruling on the order of the Singapore-based Emergency Arbitrator. The stock exchange, in its observation letter dated January 20, 2021, had said it has “no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon’ble NCLT.” In August last year, Reliance Retail Ventures Ltd had said it will acquire the retail and wholesale business, and the logistics and warehousing business of Future Group for Rs 24,713 crore. Notably, Kishore Biyani-led Future Retail Ltd had on August 28, 2021 said it has approached the Supreme Court against an order passed by the Delhi High Court to maintain status quo in relation to the deal and directing it to enforce the order of the Singapore-based Emergency Arbitrator.