Moneycontrol PRO
UPCOMING EVENT:Watch leaders discuss the biggest issue of our times at the Sustainability 100+ Summit. Register now!
you are here: HomeNewsBusiness

How the Amazon, Future Retail saga unfolded in multiple courts

The Amazon-Reliance Retail deal, which was signed in 2019, entered the arbitration sphere a year later. After many hearings in courts, on Friday, the Supreme Court ruled in favour of Amazon. This comes as a setback for the Rs 24,713 crore deal between the two.

August 06, 2021 / 03:40 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

2019

August: Amazon enters into an agreement with Future Coupons to buy a 49 per cent stake for Rs 1,500 crore. Future Coupons is a promoter of Future Group and holds a 9.82 per cent stake in the group’s retail arm, Future Retail. The deal enables Amazon to indirectly hold a 4.81 per cent stake in Future Retail.

December: Amazon and Future Coupons deal closed with a transfer of Rs 1,500 crore from Amazon.

2020

August 29: Future Retail board approves Rs 24,713 crore deal with Reliance Retail. Future Group to sell retail, wholesale and logistics business to Retail via a slump sale.

Close

October 9: Amazon approaches Singapore International Arbitration Centre (SIAC), claiming Future Group violated its contract, seeks halt on Reliance Retail deal.

October 25: SIAC halts Future Retail-Reliance Group deal in an interim order.

November 7: Future Retail moves Delhi HC against Amazon alleging interference in deal with Reliance Industries and misuse by Amazon of SIAC’s interim verdict

November 20: CCI approves Reliance Retail-Future Retail deal

December 21: A single-judge bench of Delhi HC, of Justice Mukta Gupta, refuses to stay the deal. Upholds Future Retail’s August 29 board resolution, but allows Amazon to write to regulators. Also upholds Future Retail's claim of torturous interference by Amazon.

2021

January 6: SIAC constitutes a three-member panel to pass final verdict; verdict awaited.

January 13: Delhi High Court’s division bench issues notice to Future Retail on Amazon's plea against the Dec 21 order, which allowed regulators to take a call on the deal.

Also Read: SC rules in favour of Amazon in dispute with Future Retail, says arbitrator’s award enforceable in India

January 20: SEBI gives nod to Future Retail’s deal with Reliance Industries, subject to the outcome of court decisions.

February 2: Delhi High Court’s single-judge bench headed by Justice Midha passes interim order of status quo on Future Retail-Reliance Group deal.

February 3: Future Retail contests status quo order before a Division Bench of Delhi HC.

February 8: A division Bench of the Delhi HC grants relief to Future Retail, overturns interim order of Justice Midha granting status quo on the deal

February 11: Amazon moves SC, challenging lifting of status quo orders by th4 division bench of the Delhi High Court.

February 12: Future Group moves NCLT, seeks nod to call for shareholder meeting to approve deal with Reliance.

February 22: SC allows Future Retail to proceed with plea for nod before NCLT, but restrains NCLT from finalising orders sanctioning Future Retail Scheme. Issues notice to FRL on Amazon plea seeking status quo

March 18: Delhi HC single-judge bench, headed by Justice Midha, passes final order, and confirms interim order that SIAC order needs to be complied with. Future Retail says Biyani deliberately and wilfully disobeyed the order, liable to face action under code of civil procedure. Directs assets of Kishore Biyani, Future Promoter Directors to be attached. Asks Future Group companies to approach all regulators to recall grant of deal approval.

March 20: Future Group challenges order directing stay on deal, attachment of assets of Kishore Biyani, Future Promoter Directors.

March 22: Delhi HC’s division bench stays single-judge bench order of Status Quo on Future Retail-Reliance deal, stays order that directed attachment of Biyani’s assets.

April 17: Future Retail board approves resolution plan to restructure secured financial debt under RBI's August 6, 2020, circular for Resolution Framework for COVID-related stress.

April 21: KV Kamath-led committee approves recast plans for Future Retail and Future Enterprises under RBI’s August 6, 2020, circular.

May 19: Reliance Retail Ventures moves NCLT, seeks nod to call for shareholder meeting.

July 12-17: SIAC final hearing on Amazon plea against the deal. Final order awaited.

June 22: NCLT reserves order on Reliance Retail plea to call shareholder meeting.

August 6: SC rules in favour of Amazon, says SIAC award is enforceable in Indian law. People familiar with the case say that Future Retail is expected to file a special leave petition against the order of J Midha before the SC and an appeal under Section 37(2) of the Arbitration Act against the EA’s interim award before the Delhi High Court to obtain appropriate reliefs to pursue the deal with Reliance Retail.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Priyanka Iyer
first published: Aug 6, 2021 03:36 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark