The Supreme Court has given its verdict on Friday on Amazon’s petition against the much-discussed deal between Reliance and Future Group. The Supreme Court has ruled in favor of Amazon. Reliance and Future Group’s deal worth about 24 thousand crores has now been put on hold.
The Supreme Court has said in its decision that the decision of Emergency Arbitration in Singapore will be applicable in India as well. Let us tell you that the decision of Reliance-Future Group was stayed in Singapore court, after which Amazon also filed a petition against the merger deal in India.
Let us tell you that Amazon had first filed a petition in the Delhi High Court against the deal of about 24 thousand crores of Reliance and Future Group, the High Court refused to stay the deal. After this, Amazon moved to the Supreme Court.
What was the whole controversy?
Big Bazaar, popular in different parts of the country, is part of the Future Group. Some time ago, Reliance and Future Group had the biggest agreement regarding the retail market and after the deal of 24,713 crores, Reliance got the ownership of Future Group.
Amazon had protested on this deal, because Amazon had a 49 percent stake in a company of Future Group. According to the deal, if the company is sold, Amazon will have the first right of purchase. But this was not followed in the Reliance-Future Group deal.
Amazon had first appealed about this in a Singapore court, where the decision came in favor of Amazon. After that the matter reached the Delhi High Court, in which the High Court had asked the deal to go ahead. But now the Supreme Court has put a stay on it.