InvestorQ : What is the latest action seen on the legal case pertaining to the proposed merger between Reliance Retail Ventures and Future Enterprises?
prachi Patwardhan made post

What is the latest action seen on the legal case pertaining to the proposed merger between Reliance Retail Ventures and Future Enterprises?

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sara Kunju answered.
3 weeks ago
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In the midst of a number of reverses in recent times, there may be some consolation or relief for the Biyani brothers. The Delhi High Court stayed the single-judge bench order which had ordered the attachment of assets belonging to the Future Group, especially Future Coupons, as well as assets belong to Mr. Kishore Biyani and his family members.

The case has been going back and forth for some time now and this latest ruling was in response to Amazon's plea. After Amazon had got an order staying the merger deal between Future Group and Reliance Industries, Amazon had sought enforcement of the Emergency Arbitral Award that Amazon had obtained from SIAC, Singapore. That was essential to make the SIAC order fully valid in the Indian conditions.

It may be recollected that since August 2020 when the merger deal between Reliance Retail Venture sand Future group was first signed, Amazon had been objecting to the Future/RRVL merger. This time around, Future group counsel Harish Salve had made the plea for a stay on the single-bench interim order. Gopal Subramanium, who is representing Amazon, assured that Amazon would not do anything inconsistent with the Supreme Court order.

With the court having stayed the Order by the single-judge bench, the Biyani brothers do get a temporary relief in the sense that any attachment of properties will not happen now as it could have jeopardized the merger deal. The case will now be heard on 30-April. Iqbal Chagla, senior advocate for FRL, argued that the Single-Judge bench did not refer to the orders of the Division Bench and the Supreme Court when passing such a drastic order.

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