The Delhi High Court on Monday declined to pass an interim injunction aimed at restricting Amazon from writing to the SEBI, Competition Commission of India and other authorities about the arbitral order against Future Retail Ltd’s (FRL) asset sale. This was in relation to a plea filed by Kishore Biyani led FRL.
The court order was passed by Justice Mukund Gupta.
In its plea, the FRL claimed that Amazon writing to authorities about the emergency arbitrator’s award amounts to interfering with the Rs 24,713 crore Reliance-Future deal.
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“The present application is disposed off, declining the
grant of interim injunction as prayed for by FRL. However, the statutory
authorities/regulators are directed to take the decision on the applications
/objections in accordance with the law,” the court said, PTI reported.
The order further highlighted, that while FRL had made a prima facie case for the interim injunction to be granted, the balance of convenience
lied for both FRL and Amazon, adding that whether any irreparable loss occurred
to any side was fit to be seen by a competent forum during a trial of the suit.
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Earlier on October 25, Singapore International Arbitration
Centre (SIAC) had ruled in favour of Amazon, passing an interim order that
stopped FRL from taking any such step which would encumber its assets or secure
any fundings from a restricted party.
This was followed by Amazon writing to market regulator SEBI,
Competition Commission of India, and stock exchanges to take the SIAC order into
consideration, with the latter being a binding order.