The battle between Amazon and Future Group has not ended with the recent New Delhi High Court. Now, the ecommerce company, Amazon, has knocked the doors of the Supreme Court to halt the Future Group-Reliance deal from taking place, stated a news report.
Amazon moved the Apex court after the Delhi High Court revoked a previous single judge decision that effectively blocked the deal. The high court order was, however, an interim one and the next hearing is on February 26.
In its petition to the Supreme Court, Amazon said the New Delhi High Court should have waited for a detailed order of the single-judge bench before removing the hold on the deal.
The Reliance-Future Group deal—worth Rs 24,713 crore — has received approval from Competition Commission of India and Securities and Exchange Board of India (SEBI).
Amazon alleges that Future violated contracts by agreeing to sell its retail assets to Reliance Industries.
Amazon had alleged that it invested Rs 1,431 crore ‘on the clear understanding’ with the Future Group that it would be the sole vehicle for its retail business and its retail assets would not be alienated without Amazon’s consent.
Last year in October, Singapore International Arbitration Centre (SIAC) passed an interim order in favour of Amazon. The order stopped the deal between Reliance and Future Group.
