Big win for Amazon: Supreme Court upholds Singapore order ag inst Reliance-Future Retail deal
NEW DELHI: The Supreme Court on Friday said Singapore’s Emergency Arbitrator (EA) award, restraining Future Retail from going ahead with its merger deal with Reliance Retail, falls within the ambit of Arbitration and Concilliation Act and is enforceable.
The verdict comes as a big win for e-commerce giant Amazon in the battle for the large Indian market. The US-based company had filed pleas ag inst the merger of Future Retail Ltd (FRL) with Reliance Retail.
The verdict was pronounced by a SC bench of Justices R F Nariman and B R Gavai which had reserved it on July 29 after hearing battery of lawyers including senior advocates Harish Salve and Gopal Subrnium, appearing for FRL and Amazon respectively.
这一判决是由最高法院法官R F Nariman和B R Gavai在7月29日宣布的，他们在听取了包括高级律师Harish Salve和Gopal Subrnium（分别为未来零售的亚马逊辩护）在内的律师的一系列指控后，于7月29日做出了维持判决的决定。
The decision is a setback for Future, the country's second-largest retailer with over 1,700 stores, which agreed to sell its retail businesses to market leader Reliance last year. However, e-commerce giant Amazon, which had its sights set on ultimately owning part of the retail assets itself, argued a 2019 deal it had with a unit of Future contained clauses prohibiting Future Retail from selling them to anyone on a "restricted persons" list including Reliance.
Amazon had first filed a plea before the high court (single judge) for enforcement of the October 25, 2020, EA award by Singapore International Arbitration Centre (SIAC) restraining FRL from going ahead with the deal with Reliance Retail.
stupid people are happy that the home grown reliance lost and foreign comoany won...going back to colonisation are we?
If contracts cannot be enforced in India, then who will do business here? It's not about foreign or domestic company. It's about following the law of the land and enforcing contracts. If domestic companies are allowed to thrive unjustly, the FDI will stop and we will go back to the pre-90s era.
Guys is Modi involved here too? I dont see anyone blaming Modi...anti-Modi brigade
In recent times after justice Rna became Chief Justice there is some perceptible difference in verdicts given by the courts. .Hope this is a good begng
Maybe he is not interested in Rajya Sabha seat.
Ambani loses! Win for farmers
oh yeah, farmers will all start using Amazon hence ... hehehe
Big Win for Amazon but a big loss for those who had invested heavily in Future retail shares, also a big question mark on thousands of FRL employees jobs.
Nothing will happen to their jobs, company is not shutting down.
India doesnt belong to Ambanis. Let all corporations thrive equally. In the end, the Indian consumer will win!
Great news. We are a de ratic country and capitalistic as well. Business must follow rules and not po itics of gujrat. India needs Amazon. Jai Jawaan Jai Kisan! Down with dharam based po itics. Always remember divide and rule loses at the end as people eventually get it.
In any conflict between Indian company vs. foreign biggie, media as well as judiciary is likely to side with foreign biggie.
Kulbhushan Rai Madan
Sir ji, Ambani and Judges are Modi men. Modi is putting all money in the pockets of Ambani. Big gain for Ambani.
it will good if costomer gets benifits.
Ambani's cannot do honest business. Amazon has seen more jackals like them and have experience handling corrupt statutory agencies worldwide.
SC is almost always .
Amazon is the company to run future Group retail stores in India. It will avoid the monopoly of Reliance Retail in Indian Market. Right decision by Supreme Court.
Very good! Ambani thought he can buy out everything in India with help from daadiwale babaji
Anti Ambani Brigade must be happy. Reliance is a home grown company.. But loosing out to a foreign companies. Sad part of it.