Amazon vs FRL: SC stays proceedings in $3.4 bn deal

10th September 2021, Mumbai:

As a relief for Biyani as three judge-bench led by CJI asks NCLT, CCI, and Sebi not to pass any final order in relation to the dispute for four weeks. They handed the above order in a special leave petition filed by Future Coupons and FRL.

(SC) on Thursday stayed the proceedings initiated by e-commerce firm Amazon India for SIAC emergency arbitrator's award in a SIAC arbitration to halt the $3.4-billion merger deal between Future Retail (FRL) and Reliance Retail.

Amazon has always pleaded that its non-compete settlement with the Biyani-led chain. So in short “Nothing can occur in coming 4 weeks". As per industry reports the closure of the corporate confronts a threat of over 29,000 job losses.

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