In a major relief to the Future group, the Supreme Court on February 1 set aside the previous orders of the Delhi High Court and remanded the case concerning enforcement of emergency award to the high court to be heard afresh.
The apex court bench headed by Chief Justice of India NV Ramana was delivering its ruling on a batch of pleas filed by the Future group companies that, in essence, sought a nod to proceed with regulatory and procedural steps for Future Retail Ltd’s asset sale deal with a wholly owned subsidiary of Reliance Industries.
The development adds yet another twist to the bruising battle between Amazon and the Future Group. But what is the fight all about? Who wins and who loses? Here's a timeline.
2019
August: Amazon enters into an agreement with Future Coupons to buy a 49 percent stake for Rs 1,500 crore. Future Coupons is a promoter of Future Group and holds a 9.82 percent stake in the group’s retail arm, Future Retail. The deal enables Amazon to indirectly hold a 4.81 percent 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 Reliance Retail via a slump sale.
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 the final verdict, which is awaited.
January 13: Delhi High Court’s division bench issues notice to Future Retail on Amazon's plea against the December 21 order, which allowed regulators to take a call on the deal.
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 the division bench of the Delhi High Court.
February 12: Future Group moves NCLT, seeks nod to call for a 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: The Supreme Court 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.
October 21: Future Retail says SIAC rejects co’s plea to lift interim stay on deal with RIL.
December 17: CCI imposes Rs 200 crore penalty on Amazon, suspends 2019 Future deal approval asking for more information
2022
January 4: Delhi High Court dismissed the pleas filed by the Future group companies relating to termination of arbitration proceedings with Amazon going on before the Singapore International Arbitration Centre.
January 11: SC slated to hear Future Group’s plea against Delhi HC order declining stay on SIAC decision
January 13: The National Company Law Appellate Tribunal agreed to hear Amazon’s appeal against the order of the Competition Commission of India keeping its approval for Amazon’s deal with Future group in abeyance. Asking the parties to file their replies within a period of ten days, the NCLAT fixed the next date of hearing for February 2.
February: The Supreme Court set aside Delhi High Court order refusing to stay SIAC Emergency Award in favour of Amazon. The matter will be sent back to the Delhi High Court for fresh consideration.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
