Amazon had a big win when the Supreme Court ruled in their favour after the e-commerce giant had filed a plea against a Rs 24,713 crore deal for the merger of the Future Retail Limited with Reliance Retail.
On Friday, the Supreme Court led bench had ruled that Singapore’s Emergency Arbitrator award was enforceable and the EA had restrained a deal worth Rs 24,731 crore. Amazon had been in a huge win in the Future Retail Reliance Retail Case, where the verdict was pronounced by a bench of Justices, R F Nariman and B R Gavai, at 10:30 am.
The Bench had said that they would decide on whether the EA award fell under section 17 (1) of the Arbitration and Conciliation Act.
The top court bench mentions that the emergency award was enforceable under Indian Laws and could be upheld in the Delhi High Court judgement passed earlier.
A spokesperson from Amazon had said that they welcome the verdict of the honourable top court of India which upheld the Emergency Arbitrators award and they hope that it would speed up a resolution in the dispute with the future group.